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RHCE has been rated the best by Certification Magazine in their January 2002 edition. This is a 6 hour exam. 2.5 hours are spent on debugging problems, one hour on multiple choice and 2.5 hours to install and setup services.
This exams tests your ability to administer a system, not just to memorize facts. Each part of the exam you must score have a score of 50%, and the overall score must be 80% to become certified. I believe there is something like a 50-60% failure rate the first time around and at something like $750 for the exams alone be well prepared.
LPI is probably your best bet for now if your looking at certification as it lasts a lifetime, because from what I've read in the past RHCE only lasts the life of each advanced server release.
According to redhat's website: http://www.redhat.com/training/rhce/courses/
The validity for all RHCE's and RHCT's is officially pegged to the release of the enterprise product commercially available at the time of certification shall be current until after one major release of the Enterprise product. All RHCE's earned on redhat 7.3 or prior will be considered current until the release of Red Hat Enterprise Linux AS/ES/WS 4. All RHCE's and RHCT's earned on Red Hat 8/9 will remain current until the release of Enterprise version 5.
I have heard that the RHCE is a good certification but now days I think it is better to have something like LPI. The reason for this is companies like IBM and Novell seem to like the non distro specifics that it has. I also like the idea myself.