David Bianco says in his Infosec Potpourri: I'm finally caving in... post: "It seems to me as though I've detected a bit of a pattern, though: the more comfortable a person is working with technical matters, the less likely they are to respect the CISSP."
Apart from CISSP jokes, the perspective I like is that it is a cert for followers, not leaders. Check out what I said in the comments to his post.
Are there certs for leaders? I dunno, but this ain't it :-)
One more reason for anti-CISSP frenzy is that it is billed as a cert for technical people, but it doesn't test any of the tech skills....