Interesting reading. I agree with at least a good majority of it.
https://www.infosecisland.com/blogview/15226-I-Am-Certified-You-Are-Secured.html
I also have a wall of certifications (at least compared to what I had less than two years ago) and I still don't feel like I know what I'm doing. Security is hard. So far, I haven't encountered a whole lot of security paper tigers, but perhaps you guys have seen them in the wild and in action.