Hi All ,
I think most of us are saying the same thing, just in different ways. It depends on you're own situation, your experience what your employer or lack of employer expects.
SCJP is a stepping stone, it doesn't guarentee you a job or that you are an excellent programmer. It is up to the person who hires you to understand the certifications. I think of SCJP and prepration as a tool to help those that are new to programming or new to OOP. It provides proof that you understand one small aspect of software development using Java.
After finishing my BS in CS I had 2 years of support experience. I was able to find a support position quickly. After 9 months I was promoted to a junior level developer. My company requires me to get SCJP as a first step(at their expense). Then they will then pay for me to take sun courses and other certifications. I have some co workers that are excellent programmers that have been using Java for years and were unable to pass the exam on their first attempt. I am also studying JDBC and portals/portlets.
SCJP tells your employer that you have some idea about OOP and Java. Depending on your needs SCJP might be a waste of time or benefical. You just have to decide for yourself.