@Simon: It is much much worse in some other countries, you really should not complain.
@theoldguy: Only Dave can answer that, but seeing the stuff he used to do when he was a boy, my bet is electrical/electronic engineering or the equivalent of that time.
@ColinA: I agree, having a degree doesnt make you competent. However, you can have a degree and be competent, or you can have a degree and then become competent, or you can be competent without a degree. The truth is though, having a degree means to your employer that you have more chances of you being, or becoming competent.
@BoredAtwork: Thats true, getting a degree exposes you to whole industry and the subject you have chosen. It opens up paths that you must then walk on your own.
@migsantiago: During your studies you are given the opportunity to begin building your expertise in a particular field of your choice and that takes a lot of effort and hard work.
In general, getting a degree is part of just one of the paths one might take to become/achieve what he wants. It is certainly not the only one! Therefore you cannot base your final judgement on whether someone has, or doesnt have, a degree. I personally have equal respect for both.