As a degree-holder, I'll tell you that a degree does NOT make the programmer. Companies are discovering en masse that outsourcing to countries like India only flies for small, simple projects. Remote management, language barriers, and poor standards are driving large projects into the ground and resulting in even larger costs than domestic development. 1 grad degree or 10: it means shit. Other than the fundamental foundation of computer science, I've developed virtually all of my skills outside of college, as have all the talented programmers I've ever met.
A degree in computer science always has its uses, as it's a great basis for any engineering field, and it can be geared towards a variety of disciplines... even hardware. The problem in America is all the religious studies, liberal arts, and english degrees - basically doing nothing to improve our global workforce.