I am a little curious though, there's no thought here that having a CS degree is good for even just getting that first job, would a self-taught programmer even have a chance for the foot in the door? I'll be honest, I'm not really sure what all is involved in a CS major as opposed to other comp majors.
FWIW, I had two programming jobs before Arcen, and I don't have a degree. But I got the first job largely by a personal connection, and the second one largely by personal connection and my track record at the first job. The Arcen opportunity was largely based on past experience (strangely well-suited to Chris's specific needs, actually).
If I'd been trying to just submit applications to normal job postings... hoo boy, dunno how that would have gone.
And if it weren't for the college work I wouldn't have had those personal connections, or those opportunities. Or, possibly, as much hobby experience, etc. And the work itself did certainly help me along some important parts of the learning process.