<< College degree + passion in coding + constant reading + experience would be nearly ideal. >>
I'll agree with you there. I think some have the perception of a college degree as being *all* you need to find, get, and maintain employment in this field. For some, college may establish a foundation for your knowledge portfolio, but it's up to you to diversify it. In some careers, you get the foundation, learn your skill, and that's really all there is to it (there are exceptions of course). In IT (both engineering and development), foundations are constantly in question, and the competition to build the best foundation leaves us in constant limbo to learn all that we can. For some, this is a headache, but for others (myself included), it's part of the fun.
For me, a college degree (that I'm still working on) won't affect my career much. It's more of a means for me to a) have the ability to work on large more research-based projects that I would otherwise not have the ability to, and b) as I intend to author books, and do conferences in the future, I feel a degree would ease the minds of those who are assimilating my babble. I've long wanted to work on those research projects that you hear about at the larger universities. That's something I certainly couldn't finance myself.