Personally, and depending on the work experience, I would lean toward the work experience... since there, their knowledge and abilities have been demonstrated in real world situations.
One of my best hires didn't have a degree, but a few years of experience. I have no regrets hiring him...been one of the best since day one.
Some hiring managers, including my boss, look for a degree first.
Also, it depends on the school. A degree from MIT/Harvard/etc. would obviously carry more weight than a community college degree.
Who really knows though... interviewing has alot to do with finding out what the person knows, and more importantly, in my opinion, will there personallity fit in with the current staff.
The last time I was involved with interviews I didn't look at any resumes until after the first interview.
I had the HR rep filter the original responses, then bring in the people without letting me know anything about them.
The ones I liked, I asked for resumes etc. and scheduled 2nd interviews.
It really boils down to a matter of what the hiring manager likes.
- TK