Is a categorical falsehood that has cost me alot of time and money.
There is not one top tier technology company software team that you can get on without having a strong grasp of at least the basic fundamentals of CS (namely data structures, algorithms, and some college level math.)
You will ALWAYS get passed on if you only focus on domain specific knowledge (ie. web development or mobile) to the complete detriment of theory.
Why? because because eventually said tech/language/toolchain/development target/ or platform will become obsolete and good companies want to know your skillset won't die with them.
I've written about this before
http://www.quora.com/I-am-quite-bad-at-algorithms-but-good-w...
Anyone reading this who is interested in being a software engineer for the long haul please DO NOT discount the importance of a strong CS foundation as I did early in my career.
Edit: If you downvote please explain. I have strong evidence to back these claims in the form of missed jobs opportunities at multiple name brand tech companies. You can stick your head in the mud if you like but it wont make you anymore correct.