I'm of the opinion that a university degree is less about learning the subject matter, and more about teaching you how to learn. So a programmer who has not completed a degree may be a fantastic programmer, but one who has done a degree may have a few extra skills on top of simple programming skills.
I.e. Communications skills, analytical thinking, knowing where to look for solutions, how to ask the questions that improve your knowledge and the proven ability to see through a project etc...