I like knowing that the number I got was the one I honestly deserved (this is the same reason I never, say, crammed before tests in school--the grade I got wouldn't have reflected my lasting knowledge of the subject), but I know that I can't trust anyone else's degrees/certifications/previous employments and commendations et al. to represent their honest talent/skill/dedication, so it's a bit silly to consider them any kind of useful comparative (rather than self-evaluative) measure.
Like that other poster keeps pointing out in the job threads: if you want to hire good knowledge workers, an IQ test and a work-sample test will get you further than any set of expensive status-signalling criteria ever could.