I'm a "young gun" (26) without a formal degree in CS. I believe the number of graduates in CS dropping isn't affecting finding talented people. The talented people aren't taking CS and are not even graduating or going to college.

I graduated with a degree in mathematical economics from a liberal arts school and took some CS (Java and C++) along the way, but ended up not pursuing a degree because I could tell the technology being taught was outdated and largely irrelevant. I taught myself Ruby and Ruby on Rails mostly through reading books and blogs while trying to solve a problem for a client I was providing desktop support.

A friend's consulting shop recently hired their 20 year old intern b/c he is a great hacker, and he, in turn, dropped out of a CS program largely recognized as "very good" b/c it was he thought they were basically teaching "solved problems."

The point here is that a good hacker comes at any age, and your technical ability and attitude mater regardless.

I love working with the older guys b/c they have failed, a lot, and can steer me in the right direction and offer wisdom whereas I bring enthusiasm and an open mind.