[soundtest]

I think we can all agree that having a degree is better than not having a degree, but I don't think a degree is worth as much as it used to be in the job market, especially in IT. Universities have been giving out CS and Engineering degrees like candy, completely devaluing their worth. Now the market is saturated with people who are "Computer Scientists" but can't troubleshoot Windows, let alone program their way out of a paper bag.

All things equal, I'd wager that most employers would go for the candidate with significant work experience over someone who simply holds a degree, even if they require their applicants to be degree holders. Obviously having both is the ideal.