Coming from the hardest working university student I know (and humble :>), there's two things to think about.

If you have the highest grades going, life is easy, you call the shots, you decide where you want to work and most likely places like Microsoft, IBM, Sun, or big shops like that.  However, cause things come easy, life might get harder as you age cause you're so used to getting what you want, you might lose your drive.

However, if you have to fight for everyhting you have achieved, to learn everything you know by the school of hard knocks, then you appreciate what you have and just might be a happier person in life for it.  You might not be working for MS, but you'll possibly be making a bigger difference with a smaller company.

Some hiring people (HR and dev managers) respect experience over grades cause you're job is to make them look good.  What makes the manager look good, a great final product or the spreadsheet of employee stats/specs?  Depends on where you work and if they never release stuff! :>

Food for thought.  Good luck with your schooling.