It cheaper alternative it RHCE. It should be able to persuade a potential employer that when they put you next to a Linuxbox the result most likely won't be an explosion. It did work for me and I got my first IT job with it, paradoxically with Red Hat. While being there I got also RHCE (both certificates are long expired now) and it was a way more practical and thorough. Whereas LFCS is much more wide (including LDAP and similar exotics if I remeber correctly), RHCE is much more deep.
As usual, you get what you pay for.