Hi (new to the EH board) ,
Just recently decided to join, hoping to rub elbows with fellow security practitioners and contribute...

I want to pursue a security cert or 2 to sharpen my skills and improve my marketability, I have experience and am not new to security.
in the past I've held CCNA, Solaris, CWNA & other related vendor certs.
(most long expired but I am going to renew my CCNA.)

Though I don't really consider myself an expert, I am somewhat versed in security, networking, linux (incl. using backtrack), compiling from source, using sniffers, wireshark,  testing exploits & using frameworks like metsaploit, etc...
I also have moderate experience in Reverse Engineering, developing IDS & AntiVirus signatures, analyzing exploits & threats and using commercial tools & vulnerability scanners.

My coding skills should be considered mediocre to weak at best.
I have basic understanding of ASM & how the stack works, know what a function in C is & how to write one.
Script wise, so-so  I can get by and Google is my friend when I get stuck...
I've dabbled in Python, Perl & C, but again I'm not an expert.
I am definitely rusty on alot of the reverse & debugging stuff having not done it in a while but I can pick right back up.

With that said, I am debating whether to take the OSCP or OSCE course.
I've looked over the course Syllabus for both & like the subject matter both have to offer.
I did notice that I do already have experience in many of the areas covered in PWB/OSCP (same applied for the eCPPT which I also looked at).
I've been a PenTest Linux Distro user since the days of Auditor, Phlax, etc... So I think I can pass on alot of the intro to Backtrack stuff.
I know how to use nmap, snort, tcpdump, etc..familiar with network attacks, arp poisoning, etc...

I want my money to be well spent, which means I don't want to too much re-hash of stuff I already am familiar with.
I want to (hopefully) master something new, improve, learn skills & techniques and get certified in the process.

I took Saumil Shah's Exploitation Lab at Blackhat 2011 last summer and had a blast, I did just fine in that class.
But that was instructor led & focused on 1 area.

I have much to learn in the areas of shellcode writing, exploit writing, vulnerability discovery & web app testing.
As well, I would ultimately like to not be dependent on pre-packaged exploits and tools.

What do you guys think, go for OSCE or am I asking for it (in pain)?
I'm not looking for the easier route (note: by no means am I saying OSCP is easy!), but I also can't throw money around and would not want to get in way over my head by biting off more than I can chew.

My anticipated 'hard core' study time I can commit to would be about 2 months, fortunately my present engagement allows me time to study & work from home I would like to use this time wisely and develop + polish skills.

My next cert after getting a Pen Test cert would be the CREA or GREM certs.

Having done both, they're really pretty different. OSCP is a fantastic course, everyone in this arena should take it. I would start there. Just for fun see if you can get past the OSCE registration page. If you can, put it on the back burner and do it after OSCP. However, if you're looking to increase your marketability, neither of these certs will help unfortunately. They still don't have the traction they deserve.

If you want to learn a lot of different topics, that you can use for practical exploitation as a pentester, then you should go for OSCP. The other certification, OSCE, is heavily targeted on exploit development such as 0days, and is not as broad as OSCP. Another person once said, OSCE is for targeted threat elimination, while OSCP is for more regular penetration testing. (It's probably the best base you'll currently get compared to any other course offering pentesting.)

As it seems like you already know the drill with exploit development, I think you might get more value out of OSCP, as OSCE is great and has lots of pain, but the labs are also a lot bigger for PWB students, so I think you'll benefit greatly from that too 

I think that's a wise choice.  Good luck, and if you have questions as you move forward, there are plenty of us here, who have been through OSCP, to ask questions to.