The Oracle Certified Master (OCM) is the only certification that requires a hand-on exam. That in itself makes it very interesting as it is the only exam that provides proof you have ever sat in front of a working Oracle system. For this reason I think the OCM is a very worthwhile certification.
There are two issues I have with the OCM exam:
It is very expensive to complete this certification. The exam itself is very expensive and it requires the completion of two Oracle courses, which add to the price significantly. I just can't justify the price of that piece of paper. If your company is willing to pay for you to take the exam, great. If not, then I'm not sure it is worth the money.
You should also remember that you don't have access to the internet during this exam. You will only have the manuals, which you will have to navigate using the master index, not the search facility. I am great at remembering the approach needed to perform a task or fix an issue, but I am terrible at remembering syntax, which is one of the reasons I find my own website useful. I think it is pretty safe to say I would fail the OCM exam without a serious amount of syntax revision, as I would not have time to look through the manuals for syntax examples. I am not prepared to dedicate the amount of time necessary to have all of the possible variations of the syntax committed to memory. In my humble opinion, being a great DBA is not the same as being a syntax regurgitating machine.