Richard Dorn, over at Security Focus has an article about how the increase in the number of security certifications cheapens their value, as a whole.
I only agree up to a point. They will lose their value as employers go through a period "realization", (that hiring Bob at the NOC really was a mistake). However, this will also be a shakedown period as the employers figure out what the truly valuable certifications are. (There's a reason why CCIE's get salaries which are in the 6-figure range.) In other words, the valuable security certifications are going to be the ones that are HARD to get.