[CISSP-D] Respect for Grandfathered Certs?

I have noticed quite a few certifications lately that are available 
through a grandfathering process. I understand the traditional 
reason for the grandfatering but it seems to be backfiring and 
lessing the respect that an otherwise decent cert may deserve.

Be honest are you actually impressed when you see CISM on a business 
card? Most CISMs I have run into grandfathered in by paying their 
$495. Don't get me wrong I know that certs are not a measure of how 
good a security engineer you are, just a measure of
   a) your willingness to sign an ethics statement,
   b) your years experience in the field, and
   c) your ability to test well on the subject matter.

But when we take that last measure away, does this lessen the value 
of the cert?

Interested in opinions.

Doug






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