For my own part, I've done the studying for the PMP and just need to get to the point that I'm ready for the exam (I'm pretty good with project management, but I learned mostly "by doing", so I had to study up on the official terminology and such - and I'm not a very good exam taker, sadly - and I worked in technical certification and testing for a number of years).
Personally, I've ended up moving into technical writing, documentation, and training materials development. My background in programming, IT, and technology really serves me well for that - and along the way, I served as a technical instructor and a program manager. That makes for an interesting career path, too - you go from having done on-call 24x7x365 (or less if you've got more IT people and are part of a larger organization) to being able to work 9-5 if you want (as an independent writer, certainly) except when a deadline is looming.
I've found this to be a great way to get deep exposure to a number of different technologies as well - and the weeks that there isn't any work, I can rest up for the next job. I've had more vacation time the past two years than at anytime in my career - just no resources to travel yet since I'm getting started in this line of work. The only downside (which most consultants and contractors will be very familiar with) is the uncertainty of the next gig.
I guess the point here is that having business skills, writing skills, people skills, and great technical skills is a good combination as well - but if you want to continue down an IT path or working for companies, a degree is a huge foot in the door. I've been burned a number of times in job interviews because I lack a degree - and at least in the US, that should be a serious consideration for any candidate who is looking to get into the job market.