You're one of these home users with a copy of photoshop aren't you who think they know a bit about design after reading a few books. It doesn't work that way, its a great way to start out but it does not make you a designer and it definitely does not teach you the finer details that you don't get in the books, the hands on experience of a teacher is far more beneficial than any book I've ever read.
When it comes to graphics design, I don't think that a degree is required. You can read a couple of books here and there about theory and how to use a certain program but graphics design is something that you are either born with or you will suck no matter to how many schools you'll go to. Of course a degree will help a talented person but it's not a necessity. Graphics design is not a rocket science or becoming a doctor where you really need to know your stuff about theory and practice. With graphics design you learn the most just by experimenting on your own.
Seriously.... the smartest people I have ever met were designers. You should really know your stuff. I could eventually learn how to put a someone's heart back in his chest if I could experiment on my own! Then I could be a heart surgeon... make a lot more money too.
I would like to get some veer gear too. Kern hoody!
I didn't say that graphic designers won't see any benefits from school, all I said is that you can't teach/learn talent or imagination, it's something that you are born with. If someone without much talent goes to arts school, all he will end up to be doing is basing his designs on his teachers and lack real originality. I know a lot of designers with degrees that most of their work has one style and they work from it, ask them about something totally different and they get stuck or come out with designs that I could do better. I also know my friend who didn't go to any college and is a very successful multimedia artist so he actually proves my point. Design comes from experience. You may not agree with it but it really doesn't matter, it's my opinion.