I have been on the certification trail for years, albeit in more technical pursuits, and have earned numerous certifications. However, I pursued the PMP certification because I felt it was a validation of years of experience and self-study in the PM arena and because my CIO told me in a performance appraisal that she wanted me to become more knowledgeable in formal PM practices. After some research, I determined that the PMP was the certification that would accomplish both of these goals. I started working on the cert in early 2001 and finally took the test last December. Although many IT shops don't deploy formal PM, particularly in the WAN/LAN space, my company has started to projectize all of our divisions and it was a natural fit to mold our IT PM methodology along the PMBOK lines. I feel that the lessons I learned along the PMP certification path helped me immediately as I applied them to my current projects and they will continue to help me in the future.
Passing the test on the first try was obviously a relief, but the journey to the exam is what made the experience worthwhile. Was it worth the effort, for me the answer is yes, definitely, but only you can answer that for yourself. It sounds like you are committed to life-long learning, just as I am, and that is always a good thing for your career. Regardless of whether you choose to earn the PMP or not, remember certs come and go, but true knowledge lasts forever.... you just have to keep updating it ;-)
Good Luck in whatever path you take.
Joe Joseph B. Baugh PMP, CCSE, CUE, CCNP, CCDA
Network Services Manager, Sierra Southwest Cooperative Services, Inc.