Joel Spolsky has started a lot of blog postings in many places about the value of a CS degree. I would like to point out Bill the Lizard's blog, because he has a good point: CS graduates were once without a degree, so they know the difference and the value of the degree.
However, I also recognize some of the problems with CS graduates. Not all CS graduates are better than programmers without degrees, and it is important not to judge people on their degree — you need to evaluate the full person.
That said, however, the entire discussion lacks an important point: There are other degrees than CS out there. Very few businesses can survive with only CS knowledge — usually you need other knowledge too, like chemistry, physics, engineering, biology, mathematics, business, geology etc. The world needs people with those degrees as programmers in order to create great software. Bill Gates and Larry Ellison are not CS graduates.
My advice is: Get a degree, if you can. Respect the knowledge of others, also of those without degrees.