Do i get a certificate or any receipt for passing IBM 287?
You wont receive any certificate. What you will get is the score report for 287 after you finished the exam.
If i pass only the IBM 287, is it of any value?
It depends on what *value* you wanna. If you just wanna demostrate your ability on developing J2EE applications on WSAD 5.x, this test is a good indicator. However, the *value* means a certificate, or cost of getting certified, you may need considering to take IBM 484 and 486 as well, in order to get ICED.