The biggest problem I see is half the people who go for/obtain MCSE status end up doing about 2% of what the certification is geared towards.
"The MCSE on Microsoft Windows 2003 credential is appropriate for IT professionals working in the typically complex computing environment of medium-to-large organizations. We recommend that an MCSE on Windows 2003 have at least one year of experience implementing and administering a network operating system."
That quote is from Microsoft. Complex computing environment in of medium-to-large organizations. This does not mean doing desktop support for a company of 50 users.
"The Microsoft Certified Systems Engineer (MCSE) certification is designed to prove your expertise in designing and implementing the infrastructure for business solutions based on the Microsoft Windows 2000 platform and Microsoft Windows Server System"
Again, this does not describe troubleshooting desktop issues, or even server and basic network issues for that matter. "Expertise in designing and implementing the infrastructure for business". Some of the best active directory support people and AD admin people I know couldn't design an active directory to save their lives. Design requires communicating with businesses, getting a good analysis of what their needs are, then designing the infrastructure and technology to support or enhance those areas. How many MCSE's do that on a daily basis? Having a piece of paper that says you can do it (hence MCSE) combined with a track record of actually doing it is a lot more powerful and convincing than just the paper.
Of course, a lot of these problems are created by lazy HR people who refuse to do any research and find out what job role or title matches up with what certification. I was recently doing a security audit for a very large company here in Chicago; I was having a conversation with an HR person who had concerns about their personnel information not being protected. She asked me about my CISSP and how long did it take to get it, and what it meant. Her comment to me was this. "I think I'll write in our job descriptions for all computer technicians and technology managers to have that" I almost puked. Needless to say the rest of the convo didn't go so well. I noticed on this company's website they had an opening for two help desk support people. Requirements? MCSE, CCNA, and get this....CCIE preferred!!!! Until HR actually starts doing their homework, these problems will only get worse.
To sum it up, it does appear that you might be under paid. But it's key to evaluate what your job role is.
Good luck and happy hunting.
CISSP, MCT, MCSE2K/2K3, MCSA, CEH, Security+, Network+, CTT+, A+