To be honest, it isn't "so" much about the knowledge you get from certs, it's the paper they give you. Most learning is either on the job or on your own because you enjoy it. The issue is, which paper you get.
We at EZ could give a course or two on hacking and security, charge $250 a pop and give you a piece of paper after you pay us and say you read the shit we send out for the course, but if you take that paper to a job or an employer you'll be laughed at. It's just like accredited colleges vs some online shit like University of Phoenix or that Art Institute crap.
Anyone can hand out 'papers' if you give them money, what matters is who gives them out and the people wanting to know (employers).
Truth of the matter is, if you have a passion for it, you will seek the knowledge anyway. In this field everything you could possibly have to learn is out there and free for you to learn. All the knowledge known about it is free and for public consumption, the only things that aren't free and out to public is the things you haven't found yet, such as a new exploit or a new attack vector or a way around something that hasn't been discovered.