The NZCS has released their draft plan for ICT Professional certification (you can read it here - http://www.nzcs.org.nz/news/uploads/PDFs/NZCSProfessionalCertificationDraftModel.pdf)
Good idea or a complete waste of everyones time?
Personally I sit somewhere in the middle, good be a good thing if it's implemented correctly and not just another 'paper chase'. The proposed costs are a little on the steep side, but I suppose thats just to weed out the chancers.