I don't disagree that CEH is inflated, and this coming from me, the guy who paid $1000 for the chance to test.
What the CEH does give people is a curriculum that they can adhere to. Not everyone can wrap their head around a complex subject like infosec alone. It's not a badge of honor, especially in a niche like infosec. But it does show you're serious about the field and willing to make a financial commitment. That's why i'd say it's worth considering if you're looking to make a career move. Of course, look at every other option and choose the best fit for you.
I wouldn't skip the CEH, at least not the material, but I wouldn't use it as a badge of honor on a resume either. It's a decent study guide as it exploses you to the nomenclature fairly well but it's far too easy to pass the certification without actually being proficient in anything.
What the CEH does give people is a curriculum that they can adhere to. Not everyone can wrap their head around a complex subject like infosec alone. It's not a badge of honor, especially in a niche like infosec. But it does show you're serious about the field and willing to make a financial commitment. That's why i'd say it's worth considering if you're looking to make a career move. Of course, look at every other option and choose the best fit for you.