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CISSP Over Rated?

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As I look to take the CISSP test next month I am wondering, is the
CISSP eventually going to be over rated as a certification. Much like
the MCSE, CCNA and CNE I have?

I worry that an employer would only look at the certification {I
definitely worry about employers that look at the piece of paper} and
not at the experience. But I guess with the CISSP I'll be able to say
I have ythe experience and the piece of paper to show it.

Thoughts, comments?
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