The RHCE is one of the very few certificates that I consider to be worth the ink used to print them. But its an indication of competence for being able to set up, administrate and repair a Red Hat Enterprise Linux Server (and by implication, other Linuxes as well).
It doesn't indicate a thing about one's ability to design, develop or implement software on Linux, and as far as I know that even includes demonstrating the ability to create RPMs.
So when it comes to hiring, for the position of sysadmin, network administrator or other operations support personnel, an RHCE is a golden ticket in my book. But for developer's, it's just a sign that the developer thoroughly knows the platform. Which is a definite plus, but along with that knowledge I'd want to have other tokens that prove ability to function as a developer.
An IDE is no substitute for an Intelligent Developer.