My biggest problems with certifications, in general, are 3 simple things:

 - Most are rote memorization crap.  Like I said before, the "Name 6
flags to ls" thing.

 - Almost all, if not *all* cost money. Some, I understand, require
you to take the classes before you take the test, making them cost
even more money.

I *might* be able to pay for an LPI test.  There's no way I can afford
a RHEL test.  I'm unemployed and not likely to be employed again f/t
anytime again.

Even if I were to go back to working f/t most employers these days
will not pay for you to get certified.  Why should they? You will
either ask for more money or find a higher paying job, and there's
plenty of people out there who already have the certs job hunting
these days.

 - Expiration of certification and/or upgrade/update paths are often
bizarre and usually, again, cost money.   You say you got your LMNO
cert in 95?  That doesnt' cover today's stuff!  You have to take it
all over again.  Your XYZ cert is only good for one year!  Ever year
you must cough up another $NaN and answer 5 questions and send us a
pint of your blood!
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