I highly recommend the book "What color is your parachute" which teaches you how to land the job you want regardless of education or experience. That said, I have seen many of the facets of this question. I have seen folks get technical training (but NOT a degree) in the US Air Force or other military branches. When they get out of the military, the training, experience (and, often, their security clearance) combine for a non-degreed entry into the civilian workforce.
As a former computer science professor, I helped people earn college degrees, or just technical training certificates. Both will help you land a job.
As a Boeing employee, I KNOW there are IT jobs we have that do not require college degrees. They do not pay as well as our jobs that do require college degrees. Boeing encourages employees at all levels to continue their education; pay raises and promotions often go to those who do so. Now, the hiring manager may decide that even though the job itself does not require a degree, he wants to hire the most qualified individual. All things being equal, the person with the CS or IT degree will win the job before the non-degreed person. (But all things are rarely equal. The "team player" type person with four years military experience may well beat out the college grad that was terrified during the interview.)
Term, holidays, term, holidays, till we leave school, and then work, work, work till we die. -- C.S. Lewis