Every point made in this
thread is valid! For me, there are two things to demonstrate to an employer: (1) theoretical knowledge and memory, because you'll be a much faster (read "efficient" by HR) programmer if you know exactly what's out there and how to use it, without having to use reference material every minute of the day; (2) practical experience so you have already encountered some of the pitfalls and possible resolutions to problems, which builds design knowledge and ideas for future projects.
SCWCD certainly proves you know the theory required to build decent Web applications. To gain the practical experience, do lots of examples of your own, then (if you can't find employment or freelance work), try to contribute to other open source projects or similar to show you can follow the guidelines laid down by a lead programmer/coordinator, and can write well structured code. As an employer, I'd look at SCWCD and that would tick the theory box for me - I'd then be looking for some work experience or demonstrable coding examples in addition.
I've always been of the mentality that having a solid theoretical knowledge allows you to go further when doing practical work, but I know that's not a universally adopted viewpoint.
Charles Lyons (SCJP 1.4, April 2003; SCJP 5, Dec 2006; SCWCD 1.4b, April 2004)
Author of OCEJWCD Study Companion for Oracle Exam 1Z0-899 (ISBN 0955160340 / Amazon Amazon UK )