I'm a college dropout. I've worked at several companies, from large and well-known (SDE at Amazon, among others) to small and unheard of. I worked in the industry while in school, and dropped out of school when it became clear that continuing it wasn't going to help anything.
When I dropped out I had a 2.8. I did terribly in classes because I didn't care about things like homework, and because I was spending my time working. I read technical books for fun, and not just language references. I read books on concurrent programming, on language design, on data structures and algorithms, on data mining.. the list goes on. And in technical interviews and my job, I excel in these areas. I'm language-agnostic, and have used C#, Java, and Perl professionally.
And let's be clear: I'm not special or particularly smart. I just took the time to learn, except I did it outside of a classroom where the professor regurgitated the textbook at a lectern. Let's not pretend you need school to study. The only classes from which I benefited in college were non-required classes where we worked on group projects in OOP and design patterns.
Everyone here on both sides of the "debate" seem to assume that lacking a degree implies some lack of fundamentals and theory, that someone with just a high school diploma (or less) is a self-taught nightmare that doesn't know what big O notation is. Dropping out isn't a sign of lack of effort that will translate to the Real World; it's a sign that you think college (at least your college) is stupid (and it wasn't some terrible school, but a top 50 ranked one in CS).
I've worked with people who have degrees whose knowledge of data structures and algorithms is abhorrent, and with other people who don't have degrees who are very skilled. Sure, college will put you in an environment where you can learn the fundamentals, but all you need is a good textbook and someone who knows what they're doing that you can discuss it with.
Just because this company is going to "train their own" doesn't mean they're going to leave out the fundamentals and theory. The school of hard knocks can teach those too.