Keith,
I know of some people who could get jobs based on
Java certification -
SCJP, SCWCD. It adds to your resume! I have heard many experienced programmer downgrading these certifications but certifications can prove a point. Eg - A person who has not worked in Spring can go for Spring certification and prove that he is an expert in the concepts of Spring. Similarly for Java.
Many times a job or company forces you to work on outdated technology. To top it off - you always work with some constraints either due to technology or the nature of business.
If you talk about raise - I have not seen any cases of raise. I think employers overly undervalue certifications. But I will tell you a secret - All certifications I have completed have helped me code better, faster and understand features of language I have not explored yet.
Well - I joined JR so that I could get some help during my certs and I am now addicted to it.