My personal opinion is that most jobs in 'IT', which is my general definition for light to medium difficulty hardware and software installs/maintenance, aren't really the ones that really benefit from the education instilled from a degree.
Change the position to that of software development or research and it's a whole new ballgame. It's not that you couldn't pick someone off the street and teach them to develop software properly in time, but there are certain lessons on the subtler aspects of the area that you will probably only pick up in a college-type education.
In an interview, are you going to be able to talk about and expand on stuff you learned during your four years of college and the lessons, teamwork and frustrations you experienced during all that...or the readings you did for your certification? And don't tell me that certified people make that up with on-the-job experience, because it's simply untrue. While a 22-yo with certs starts working at help desk at 18 and graduates a few levels up, the college grad can talk airily about his project management experience as well as the nitty gritty details.
Then you have the quality versus quantity argument. Say we both have the same degree, the same X years experience and the same certs. Then you get an A+ as well. Is that going to get you hired over me? Hardly! Maverick has the right idea - if you're going to get certs, go get specifically targetted ones that make you out as the expert in the niche you're carving out for yourself. A+, Network+, even a MCSE is generally pointless.