That said - On average, I would say a college degree proves one, and only one, thing about you - That you had the ability to learn enough, and follow directions enough, to complete the basic requirements of that degree... And that already puts you in the top third of applicants, even if you smoked your way through a humanities major.
HR: "this guy is perfect as a corporate drone".
Hiring Manager: "OK, make him an offer."
Two years ago I applied for a position at a large It company (*ahem*Dell*ahem*). I was nixed because I was a college drop-out (for financial reasons but who the fuck cares) and a graduate was chosen. They never actually said that (never provided any feedback except the ubiquitous "we gonna call you"), but I knew because I have friends working there. Last year they asked me to come to a "final" interview. I asked them on the phone what happened with their graduate who they had chosen and they lied to me, said he left the company for another opportunity (I knew for a fact he was fired for being incompetent). I told them to fuck off and find another graduate, because apparently the previous one was great, since he moved forward, wasn't he?
Not saying graduates suck, but choosing one over another simply because of an extra piece of paper is retarded. But that's really not surprising when you apply for a large company with a fucked up culture.