it requires a fairely big chunk of your life
and a big chunk of your economy as well

I don't agree with ziggy_567, IMHO GSE is a valid path for a Pen Tester. You could achieve it through certs like GPEN, GWAPT, GAWN, GREM which comprise essentials topics for a Pen Tester.
I missed this; that's actually not true. The exam is structured around the GCIH and GCIA. Windows and Linux skills are also required with either the GSEC or both GCUX and GCWN. I wouldn't necessarily call it a generalist certification, but it's definitely focused on IA and IH and not pen testing. While you can substitute additional 500-level certifications for the required gold papers, it's not going to change the focus of the exam even if you decide to do something like GPEN and GWAPT. That's not to say that type of knowledge wouldn't be useful on the exam, but again, it's not the focus. There were rumors of a GSE for penetration testing that included GPEN, GAWN, and GWAPT, but I asked recently and was told there were currently no plans for it.
Is it worth the effort compare to other certs?
Honestly, probably not. The only times I've seen it mentioned on job applicant wish lists have been in a ridiculous context, such as, "GIAC or GSE certified." Like you've observed, there have only been a couple dozen since it started in 2003. I'm doing it for personal reasons and because I want to feel like I'm part of an exclusive geek club
If you're pursuing certifications because you want mass recognition, this probably isn't the one to go after. I wouldn't expected the masses who aren't in-the-know (read: hiring managers) to even be aware of it, but they'd probably think you could walk on water if you told them you were a CCIE.
Or, I'm just telling you that to discourage you to keep the numbers low. Who knows...?
