I think you answered your own question..... if the the person hiring knows the game it will be seen as mickey mouse.
The market is overflowing with masters graduates right now, with little or no practical experience.
Degrees become rather obsolete in many cases, it ticks a box though and shows ability - but again, most recruiters (especially in UK) would prefer experience over quals. Industry quals like CISSP etc are good to have - but again I will only tick a box - it is up to date experience that counts. Personally I would trade the lot for a system architect or security expert with SAP ERP experience......
Here is the standard English blurb that is used by all the European agencies I use - generic for all IT professional profiles up to Programme Manager:
i. A level of education which corresponds to completed university studies attested by a diploma in one of the following fields: computer science, mathematics, economics or engineering, or related areas, when the normal period of university education is four (4) years or more; or
ii. A level of education which corresponds to completed university studies attested by a diploma in one of the following fields: computer science, mathematics, economics or engineering, or related areas, and appropriate professional experience of at least one (1) year when the normal period of university education is at least three (3) years;
iii. In addition to the above, either in case A(i) or A(ii), at least six (6) years of relevant and proven professional experience gained after obtaining the diploma;
Wading in to the Senior Awards debate; I feel(hope) they are useful. They translate what you have done onto your CV, as a TA punter I have very little TA on my CV (1 sentence in other interests). I don't think they are a substitute for qualifications or experience but they do allow my military experience to be civilianised in a sense.
I am interested in other peoples views, and acknowledge Alsacien's view of mickey mouseness.