@spivonious: it *should* be a matter of supply and demand, and all we hear about is demand, but wages are not listening. If the skill is there, that's what matters.
For one, I believe the 4 year degree gives the coder more intelligence than on the job coders. If you were to ignore individual effort, I would always give the nod to the graduate. PhD's are not filled because they don't pay -- as you pointed out -- most jobs are for coding and most PhD's are coding, right Herbie?