In any market, but particularly in today's market, meaningful significant job experience is worth more than certification, if you must choose between one and the other. Since you already have 10 years of experience, the marginal value of adding a certification -- especially a common certification like the MCSE (as of May 31, 2002, there were 470,906 MCSEs certified, according to www.mcpmag.com) -- is pretty limited.
Frankly, the CompTIA Server+ is probably worth more; advanced vendor certs like those from Compaq(HP) and IBM(netfinity) are definitely worth more (but they do, alas, often require MCSE or something similar as a prerequisite). Let your job goals determine your certification needs. If you already know your way around the Microsoft Server world and can talk in detail about what you know and can do, an MCSE is probably not needed in your case. What you need is a job, and finding one will depend on networking your friends, family and business associates to find the best jobs of all, which are seldom, if ever, advertised to the public.
This was first published in September 2002