evildictaitor said:
Someone with a degree in CS needs to have demonstrated that he/she has programmed outside of just his/her college studies to get my attention - that said, someone with just hobby projects and no formal experience is likely to have a very narrow understanding of design process and other coding styles.

Another important thing of a CS degree is that it teaches you the limitations of computer science - there are lots of things computers can't do, no matter how cleverly you try and make it.
Do I think you need a degree if you can already do the job? No...
Do I think other people (inc. Your bosses) overvalue a degree? Yes...
Do I think a degree is worth while? Yes... Because other people overvalue them...

Ultimately a degree is valuable in what you learn but 90% of its value comes from a piece of paper that a lot of people respect. Similarly to going to a "brand" University (e.g. Oxford, Harvard, Stanford, etc) they might not provide you with a better education but just by the respect people give them they have power.

That is just the world we live in. Businesses and the people behind them have to cover their own asses and a Collage/University is a great scapegoat if someone turns out to be terrible. "How was I meant to know they couldn't code? They had a degree from X!"

If you want to go and study to actually learn something then I congratulate you and the many thousands of unemployed art/drama students that went before you...