I understand how you feel, it's just coming up on 4am here in Nebraska.
I think what Dave's talking about is somewhat like the old debate in the IT industry about certification, experience, and education (in the formal sense). Pick any two, put a 'versus' in between and google it, and you'll get a heap of articles debating the pros and cons from both the human resource and job seeker points of view. It seems that popular opinion waxes and wanes as to which is to be most respected, at least in the IT industry at large. I suspect it will depend a lot on the position you're after and the particular beliefs prevalent among those who often do the hiring in the local industry. Individuals are different, but they tend to use similar sources of information to form their opinions of best practices, so they can be described as belonging to a culture of thought.
If you want to know more about how things sit where you are you could check with some local companies and see what they say. I rambled on a bit
in another thread about this. I'm a big fan of jumping right in and asking. It could help you make friends, build contacts, and could lead to a job someday. If you manage to talk for a while with some of the people in your area, you might get to know the work in a day to day sort of way and see if you'd like it.
Speaking more to the hobby side of things, there are a couple threads related to print resources floating around on the forum. I wondered myself about where to start, so I skimmed through the table of contents of a few of the books (that I can't afford yet). It seems that the first foundational concepts are rooted in DC circuit theory. It's just the sort of thing the old 50-in-One kits used to have, but with more depth. This is the direction I'm coming from, but some folks seem to break in from the uC world. I guess in that case they tend to be coming from the world of programming, so their learning priorities would be different than someone like myself who just has a 'fix the toaster' background. It all depends on where you are and where you want to go. If you're not sure where you want to go yet, it's hard to go wrong building more gear for yourself.
I hope that helps a bit, need more coffee.