I graduated from a university of Abertay two years ago with an honours in Computer Games Development. I have since stayed in academia to complete my PhD and have the fulfilling job of teaching a few modules on the first, second and third year courses.
From my experience in taking the modules and teaching the modules, a degree in CS would have done me just as well, probably better, than my current degree.
I have found myself in situations having to explain basic programming concepts to 3rd year students, the same students who were fast tracked into Playstation 3 and XBOX 360 development.
I don't mind that they don't understand a particular algorithm, I get frustrated that they don't understand the concept of an algorithm.
I don't mind that they don't have a natural talent for mathematics, I get exasperated when I am continually asked "Why do we need to know so much triangle stuff".
The best module I had was a module named "Languages and Compilers". Sadly, the module never came up until four year but increased my understanding of programming languages more than 3 years of programming modules.
My wish, with hindsight, would be doing my degree in CS and learning the graphical aspect of programming in my own time, creating a library of small, simple yet well programmed games for any future employer to see.