When searching for talent, I've stopped relying on computer science degrees as an indicator of anything except a general interest in the field. Most schools suck at teaching theory and aren't great at Java instruction, either. Granted, they're not much better with any other language, but most of them teach Java. Not that there aren't bright, shining exceptions; for example, every single Virginia Tech grad I've interviewed has a firm grasp of theory.
Our most successful employees have been nontraditional hires. One of my most valuable players has a doctorate in music, got promoted on his first assignment, received wild raves from clients, and now leads large integration projects. I have another fellow who we hired directly from an Apple Store. On his first assignment, he developed the AJAX UI for a multi-billion-dollar financial institution that the client loved.
Interesting take. As a gainfully employed college graduate who taught himself to program ~13 years old, I'm torn.
What say you DICers?