Since noone seems to cover this...

IMO, in a lower programming position(P or AP), an I.T./CS related diploma/higher-diploma from technical colleges will provide you more relevent knowledges for your job (as it is designed to be).

When you climb higher, the university degree will prove to become more valuable. (I still can't understand why someone cannot be promoted to higher position even if he demonastrated that he has adequate skill/sense/knowledge to lead, when his highest education level is diploma only. Shouldn't education level be relevent for career building only when you apply for a new job, when the employer don't know you and the only objective document he/she can trust is your certificate?)