I dropped out of CS in Cegep (that's what's between univ and high school in Quebec) and can't be more glad I did.
From a business point of view, I have conducted hundreds of interviews and found that work experience is of far greater use than a degree and no experience. School for the most part teaches you methodology and theory, which on their own aren't really that useful.
I would never trade one year's work experience in this field for 2-3 years of school and a degree
Then again, this is a special industry. I believe school is necessary for many other fields. For example, if you wish to be a doctor, you can't really "learn on your own" and I'm certain you need a degree to find work. The opposite applies in our field, as things move so fast that schools are the ones falling behind.
Schools (except for highly specialized/expensive ones) will always be 3-5 years behind on technology.
As for 'but if I have a degree I'll get paid more', the companies who follow such policy are old-fashioned and traditional. Not a company I'd want to be at in any case. People shoudl be compensated on performance, not knowledge.