I know people who got hired at well-known software companies straight out of school, but got let go a year later for the new class of graduating students.
A buddy of mine has been doing C++ programming since the early-mid 1990s. He told me development companies like a high turn over rate - it ensures new ideas get brought into the company.
My buddy has worked for a contractor for IBM, he had interviewed for Microsoft twice, and had done programming work on flight simulators for the Air Force. Some of the stuff he worked with in the late 1990s, the civilian market did not see until years later. When my buddy finished college, his first job was doing contract work for the Air Force. From there he went to some development company in Washington state that did work for IBM.
When my friend got laid off in 2005. he could not beg a job out of anyone. All he has is an associates degree, and companies these days want a bachelors degree. Having 15 years experience meant very little on the resume, as compared to a BS degree.
After going through his savings, and being about 2 weeks from living on the streets, his mom and dad sent him a plane ticket to fly to their house.
If I ever lose my current job, I will probably go back to school for something totally unrelated to computers. I might even go back into the welding field.