I obtained this certification several years ago and pretty much forgot about it. It really hasn't done me any good. The only benefit at the time was that it helped my former employer obtain Gold status as a Microsoft Solution Provider. However, I'm still waiting to see the real benefits of that status for them.
The benefit of any certification is fully dependent on the external perception of the certification and how well it represents skill and expertise. A PhD for example is generally highly regarded.
As it currently stands, the MCSD certification does not carry such respect. It seems this is due to Microsoft doing little to promote it. The status of a certification goes hand in hand with the people who carry the certification. When you see a lot of very talented smart people carrying a certification they are proud of, you strive for that certification.
Take a moment to think of the who's who of .NET development. How many have MCSDs? My guess is not many. I can't be sure, but I doubt that Don Box, Jeffrey Richter, Ian Griffiths, Chris Sells, etc... have this or even care for this certification. Otherwise they'd display it proudly just as Mr. Sells displays his IEEE member in good standing logo on his blog.
In any case, I'll display it anyways just in case it bears weight in the future. At the very least, I like the color scheme.