Im an RHCE but only because I was required to become one at my previous employer. I did it in the Red Hat 7 days and it was a week long class. Im not sure what kind of class you'll be going through but the training I went through at Red Hat was basically a quick week long overview and then the test. If you didnt have any kind of basic Red Hat/general linux experience it would be kind of rough for you.
If you have some experience with Red Hat I say go for it. If you dont have any experience with it you'll probably have to do a lot of out of class reading/research/practicing in order to make it through the RHCE exam.
All in all I think its a valuble certification to have and definately puts you a few cuts above all the MCSE's out there. Linux is becoming more widespread everyday.
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