First, let me tell you this has come up on the forums here, many times (one such link at the end of this reply). I'd suggest using the search at the top, to see if you can find more of those and read up on them, then bring more specific questions to us.
The value of CEH depends on what you want it for. By that, I mean, are you using it to get past HR hiring / interview filters, or are you looking to really build on it and use it as a stepping stone towards other certifications?
CEH does have its value, in both scenarios.
First, it's great for most current HR filters, but admittedly, if you get to second and third interviews, with higher-ups in the security field / department of the organization, you'll still need to bring your 'A Game' and show what you know, not just that you hold the CEH certification.
As for the technical side of CEH, it has progressed beyond it's early days, where it was more book knowledge than hands-on. It's still dwarfed by certs such as eLearnSecurity's and Offensive Security's, with regards to really learning and performing hands-on pentesting. That said, however, if you get the right instructor, you may get more value from the CEH course than others would (many instructors stay after class to explain more than just the book / theory, and dive deeper into the tools. If you're lucky enough to get an instructor like that, it's beneficial).
It's also good for 'networking' and meeting other like-minded learners.
A good thread about starting out and certifications can be found here:viewtopic.php?f=49&t=11782&p=62263&hilit=value+of+ceh#p62263