I passed the LPI Level 1 (two tests) in February.
http://www.lpi.orgThis cert has been around for a while and has recognition. IBM is pushing this cert on their developerWorks site. And I've also read that Debian has surpassed RH's installed base; LPI will give you a grounding in Debian and other distros. The LPI Level 1 puts you a couple steps beyond Linux+ in competency, and then you can take Level 2 and Level 3 (senior enterprise level) if you want.
As for Linux+, I do have a CompTIA cert for A+ and would be concerned Linux+ would become just as worthless.
If your ultimate goal is to become distribution-specific, then by all means get RHCE and be done with it. But keep in mind that there does seem to be a movement away from RH, and it looks like it will be shut out of the desktop market by Debian (Knoppix, Xandros, Lindows).
One other thing: LPI will get you definite recognition with international clients/employers. RHCE has "American server farm" written all over it and you may see a more lukewarm response overseas, and Linux+ much more so.