It sounds like advice to other folks to hire people without a degree in the field so that they will be more loyal to you and less expensive. Without a lot of experience this is true. Folks with a year or two of experience with a degree will earn more than folks with a year or two of experience without a degree. That said, after a few more years it events out.
In the end, you have to judge the individual, what they learned, and how they learned it. I have met idiots who had a degree (even multiple degrees!) and idiots who had no formal education. They come in all shapes and sizes. Anyone who thinks in blanket statements like, "All college graduates in CS are worse than self taught" is proving my point.
I found my programs at West Chester (CS undergrad) and Villanova (master computer engineering) to be very useful and improved my abilities at work. I learned a lot in both and I had been programming since I was 7 or so on my TRS-80 Model III. They also made me more marketable. I feel it was totally worth it.