I would think that having SCEA gives one an edge over others, in general. However, most of the time, as with any certification, it's a matter of perception. SCEA will not automatically help you get "higher pay" but if I were selecting between several architects of comparable experience, the one with SCEA would have the edge. On the other hand, SCEA without experience would not really count as an edge.
I would like to know about that too, Prad. I am really grateful to my Java certifications. My first certification SCJP helped me to get my first job after graduating from college. Second and third certifications (SCWCD, SCBCD) helped me to get my second and third job. When it comes to picking 1 out of 2/3 top candidates, I think certifications do play a role.