On the one hand, doing the study necessary to earn it will definitely expose me to more of the .NET framework and the C# language than I may have been in by day-to-day programming. Of course, a lot of it may be things that I don't really have a need to know, since certification exams tend to ask about such a wide range of topics.
On the other hand, it's been my experience in the past that getting a certification doesn't usually buy you anything at your current employer; they're more useful when looking for something new. I'm not currently looking for a job, nor am I expecting to (though you never know, especially with the economy going the way it is).
I'm not going to turn down the chance to take a week and study, and I'll definitely take the exams and get the certifications, but I'm still not sure exactly how much benefit I will gain from this.