Any multiple choice test is relatively easy to bullshit your way through, at least in my experience, but I doubt anyone would be able pass the ASE's without at least some grasp of the knowledge presented there, especially the A6 and A8, definitely L1.
They really don't cost all that much to take (and are tax deductible as a business expense), are good for five years, and can get your foot into doors that would otherwise be closed to you. Is it bullshit? Probably, but there is definitely a large contingent of the business that consider it the standard.
Most "old timers" who talk shit on ASE certifications are the ones who fell behind and can't understand all the newer, more complex, computer controlled technologies. Not saying that's the case with everyone, I've definitely met exceptions, but I've seen it plenty.
I've also seen a bunch of kids fresh out of UTI and Wyotech who could pass the tests, but couldn't even do an oil change right if their lives depended on it. There's still this idea that any idiot can start wrenching and make a bunch of money (before I coulnt spell mecanik, now I art one), but these days you've really got to understand the technology and stay on top of it. The best techs I know should have been engineers, and when I was in auto school, teachers and people I worked for were telling me I should continue along that path. Those are the ones pulling six figures, but there's a steep learning curve, and you wont even be close right out of school. If you know your shit and learn quickly, trust me, you'll stand out, and shops will do what it takes to keep you happy.
My advice, assuming you're looking for some, would be, at first, definitely make sure it's something you would enjoy and have the aptitude for. When in school, do all the lab work, no matter how simple you think it may be, there is absolutely no replacement for experience in the trade. Take your time. I would see these greenhorns come in, all excited to be done with school, wanting to make money, feeling the pressure (and potential) of flat rate pay, and they would try to go as quickly as possible from the start, and end up fucking up a bunch of cars and working on comebacks all day. I made sure I did a job right the first time, even if it took more time, because with experience, speed comes naturally, and then you're faster the right way, without a bunch of bad habits/practices (my comeback rate was pretty much zero, and that kept me in a dealership even when the general manager wanted to cut my head off).
Automotive is a good trade. It can actually get better in tough economic times, because more people maintain/repair the car they've got, instead of buying another one. As far as traveling, if I ever end up rubber tramping again someday (kind of hard to get my toolbox up into a box car), I'd put a sign up on the bulletin board and talk to the camp manager (if I couldn't pick up that spot myself), and put the word out that I can wrench.
I don't work in the trade anymore; I actually enjoy the work, just hate the business. There's also that idea that alot of mechanics are rip-off artists, but in my experience, most techs are stand up guys, it's the shop owners and service writers who rip customers (and techs) off. Also, like I mentioned, to get to the top, there's a steep learning curve, and I just don't care about money nor vehicles enough to dedicate the energy and time to get there (though I was well on my way).
Good luck!