The value of the exam is an interesting question.
Are you referring to the value given by potential employers (OR) is it the value in terms of knowledge gained by you by taking the exam.
If one's worry is the prior one, the version does'nt matter. I have'nt seen even a single employer worried about which version of a particular exam you have taken (for example, if someone is looking for a
SCJP, they never care whether you are SCJP 1.1 or 2 or 5 etc.,) and I guess it is no different for
SCEA.
And if you are concerned about the value of the exam for an individual, you will have to ask several questions. Are you going to learn something by taking up the exam? if you are going to pass the exam with out any reading or stress to your brain, then I personally think there is absolutely no value for you. But if you are going to learn something, do some hard work and then pass the exam, the learning experience is the value.
Once again, I might have said the obvious thing, but should give clarity to anyone reading this in future, regarding the value of the exam.