Hafta disagree UD. It takes both.
Yes, there are programmers who are exceptional with little schooling. But that is not nearly as true as it was in the early days.
And yes expertise comes from successful experience (because you learned from others and your mistakes).
The prized programmers have a knowledge of the application subject matter. How can you code a financial forecast, or BOM critical path program without a strong understanding of the subject matter? Your programming skills are just your hand tools. By the way, functional specs are for sissys; they get in my way. If I cannot discuss the subject matter how can I tell a computer to do it?
Nowadays, you hit a ceiling without a degree. That piece of paper opens a lotta doors.
If you want those golden handcuffs, you need to be well rounded. You just may be arguing business logic with a CEO (if you get good enough, that is). But as you say, ultimately results matter.
All good.
Let me finesse this a bit - We are mostly aligned.
Its rare that I find a qualified SW guy without the education, but I sometimes do - and when I do I dont care they dont have paper.
For example - Ill forgoe your paper if you have experience.
Just because you have the paper doenst mean you didnt graduate at the bottom of your class and it guarantees me nothing.
Here's a job offer we have on the table right now.