Larry Kettlewell, CISP for Kansas State Government's Department of Administration has a terrific "perspectives" piece in the August 2005 Information Security, with the title "Paper Pushers"
I've written on the subject in Security Redux. In response to the question, "What is the value of a CISSP certification?" Ed Tittle responds, echoing my warning about just studying and receiving the certification with book knowledge but no practical experience. See his complete answer at Ask the Expert. I touch on it briefly in Paranoia: How Much is Too Much?, and tally up the possible points I have to get a Homeland Security Certification.
By the way, I don't have one. Never had to have one for business. I just have 20+ years of experience in network security product development, information security management, teaching, training, lecturing, writing, and consulting with large and small companies (internationally), and government (US). But no certification.