Hi David, and welcome to JavaRanch!
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As for the assignment, J2EE technology is covered in the
architect exam. The developer exam has different
objectives.
As for real-world experience, I think it would help a lot in completing the requirements but no, I don't think you can honestly say that you have real-world experience by just getting the Developer certification.
As with any certification, your mileage may vary as to how much value you can derive from it. Some employers hold certifications in high regard while others value real-world experience more than "paper" qualifications.
OTOH, the Developer Certification does allow you to support a claim to achieving a certain level of knowledge and skills in specific areas of the Java(tm) Platform.
HTH,
Junilu