No degree here, I'm doing all right.
I don't own my own buisness.
I don't have a low level help desk job (though I did a couple of years ago.)
If I would have stayed in school for 2 more years, and hit the job market 2 years later, I might be in a software development job now making about the same money, or perhaps 10% more ....
Of course I may also be doing boring ass grunt work with a Comp Sci degree ... making less then I make now.
So overall, in general, yea, the degree is a good idea, but you can do OK without one if you are willing to work hard, and if you are very good at what you do. Besides, in IT, it seems like Experience > Degree > *. If you already have your foot in the door, job experience could be better then a degree.
Though I'm sure one of these days I'll hit a brick wall and apply for something and not get it, perhaps then I'll decide to finnish up school or something part time. Until then, I'm perfectly content being a college drop out.