One of the implications is that we ultimately will see a change in the construction of learning content from being centered around institutional processes to evolving out of individual and socially collaborative processes. And perhaps we'll even how some certifications are granted.
Imagine, if you will, a social certification of sorts where individuals rate others on special competencies. Say, for example, you do some killer SEO work for me and I give you a 5-star rating. Why wouldn't that rating be more relevant than your MEd from Indiana...at least as it relates to SEO work.
I'm not saying certificates are bad; I'm just thinking the world is moving too fast for anything but the social internet to keep up with the changes, and if I want a Google Wave-proficient programmer, there's no way today to be sure I'm getting one aside from the certification of experience.
In the meantime, I advise you to get your portfolio updated; until we standard of social certification, that may be the best viable alternative. It's less and less about who you are and more and more about what you've done. And in the social web, it's virtually always about who