I think you have to look at this from 2 views, 1) from an employer's view and 2) from your own view:
1) From an employer's view. IT is perhaps the biggest meritocracy field out there. If you can do the job, and can prove it, you'll probably have one. Your merit is your degree. Different jobs require different level of knowledge of course...
2) I read recently about what makes one person more successful than another, and it's not talent, or genetics, or anything innate like that. It's perseverance. Perhaps a CS degree shows perseverance. To me, school is just fun. Plus you get to learn lots of
theoretical stuff. I'm sure you can self-taught anything taught in a CS class... (if you're persevere enough of course )