It worked for me, I recommend it.
For a soon or recent graduate, it is a very straightforward way to put something tangible and objective on the resume.
My story: I was changing careers, had a math Ph.D. but know real experience in programming experience (either coursework or job related.) I started learning Java and after four months bought a textbook to study for the exam. In another two months, I took the exam, passed it, and was hired as a full-time Java intern within two months after that. (And in this economy.)
Certainly SCJP won't make anyone's career, but it can definitely help you get a start if only to slightly separate your resume from the others on the stack.
Finally, don't let anyone make you feel bad about certification. Sure, the rockstars don't get certified, but there's nothing wrong with not being a rockstar.
As for other advice for future, after the SCJP, study Java EE. That's where the jobs are.