OSCP and CEH is apples to oranges. OSCP is demonstrable skills and is completely hands-on in a lab setting. CEH is a multiple choice test that is comparable (but more difficult) to the Security+.
I just finished the CEH -- went through the online class and such. I think I may do OSCP next if I can continue to develop and hone my skills. From what I understand, OSCP is pretty intense and like lsud00d says, it's about demonstrable skills, not necessarily academic knowledge.