is not optional for a full time position as a Java
progammer. The cost is low, the time to take the test
minimal, and a passing knowlege is required to do your job effectively anyway.
Those who claim it has no value to them personally may be correct and I can respect that, however, they fail to see the value to those hiring who do not have to waste time grilling you on the basics. It's mostly for employers, not a training vehicle for programmers.
Now, if you recently took the test and did not take the 5.0 test I would be concerned. What is it about Java 5.0 that you don't think you can pass a test on? If you pass 5.0 you get a free pass on all prior versions, so it makes no sense to punt on 5.0 certification.