I definitely think that self-directed learning in that area can provide an adequate background. I am very skeptical of any supposition that a traditional university will actually let you learn things quickly; the curriculum and pace is necessarily lessened to the lowest common denominator, and everyone suffers (even the LCD, because he won't constantly be the LCD for every subject).

The biggest advantage a traditional CS path has, imo, is the exposure to university resources, bot social and physical, though predominantly physical. As you noted, if you're doing some massive distributed thing, it helps to have access to a lot of decent computers. However, I fully believe that a determined independent student can gain the same knowledge on a faster schedule than he would if he followed a degree program at a university.