I will say a resounding, YES. Even though Microsoft has done away with this certification, in favor of its MCITP path, there are still many senior level jobs on Microsoft’s own job search engine for MCSE’s and it is touted as a “badge of honor” in most of the business world.
For those of us who have MCSE Server 2003, Microsoft has provided a one certification upgrade exam that will equivocate to three Microsoft MCTS certifications. They are: Active Directory, Network Infrastructure, and Application Infrastructure Configuration. Read more on Brian Nelson’s articles, Why getting your MCSE is still a good idea and What’s The Next Step for MCSEs.