theraven is prolly in a better position to answer this question but being a network administrator myself, i definitely recommend getting the certificate. But mind you, it's not just another exam. It'll involve a lot of dedicated hard work and let me tell ya, i have seen well prepared people fail.
Don't think you'll get jobs only on the basis of CCIE. There's no substitute for a college degree.
CCIE is something like a phd in networking in the chosen tracks.
You have to really work for it...very few ppl pass it in the first attempt.
And many of those who fail have many years practical experience before they studied for the exam
It has one theory paper and one lab.The lab is notoriously tough.
For more info go to www.cisco.com and look at certifications.
CISCO certifications are always a plus
but CCIE is BOON
Its tough very tough to qulify in exam
lots of hard work and dedication
and its costly too
so give exam only when u are thourghly prepared