What's the value of Sun Certification?

Last month the article Getting Sun Certified on the Java Platform appeared on the Java developer site. That article made me start thinking...when's the last time you saw a job ad that asked for a specific certification?

When I peruse job ads (it's sort of a hobby of mine), I notice the frequent request for a particular university degree (a BS in CS or maybe a MS in CS). However, I don't think I saw one ad last year that asked for candidates with "Sun Certified Web Component Developer" certification. Come to think of it, I don't recall seeing requests for any Sun certification. Why is that?

In my particular way of thinking, practical skills trump theoretical or academic skills for the vast majority of development/programmer jobs. Assuming similar experience levels, I might favor the applicant with the Enterprise Architect certification over the one with the MS in CS. However, I never see that. I see requests for school degrees, not professional certifications.

Are professional certifications valued in our industry? Do they have more or less weight than a graduate degree? If you hire programmers, developers, or architects, do you value certifications?