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"Not Worth The Paper It's Written On!"

Article By Roger M. Morgenthal
That’s what a pilot’s paper licensing certificate will be after March 31, 2010. All of the old paper certificates will expire on that date, and they must be replaced with the new plastic card versions by then.
The only exceptions to this rule are temporary certificates and student certificates, which will both remain valid until their expiration date.

Information about obtaining the new plastic certificates is online at the FAA website, www.faa.gov. Orders can be placed through that site, and this is definitely the best way to go now that the deadline is approaching. According to the FAA, online requests will be filled within 7 to 10 days, but requests processed by mail will take four to six weeks—probably until after March 31.

The fee for most pilots to obtain the new certificate is $2.00, but if your current certificate bears your Social Security number and you ask to change to a new identification number the fee is reportedly waived.
It may also be possible to have your photograph added to the new certificate, giving you an additional form of government-issued photo ID.
For More Information, See Aviation Law