I got my BS degree in CS 8 years ago and although I learned some stuff from my CS class that I probably wouldn't have been exposed to if I learned on my own (like assembly, db query tree optimization, or 3d graphics).
Sure I might have learned those on my own; but I probably wouldn't have given that if I wasn't in college I'd probably be churning out business apps for a megacorp or something leaving little time to explore.
I think my time in college would've been better spent majoring in Business and then learning programming on my own. That would've given me a better edge in the startup world. But it is what it is.