As someone who is getting a degree in computer science, I can definitely say that having a degree will help. But, I also can see this from the employer's point of view. College applicant with bachelors and one or two internships vs guy with no education but 10 years of experience. If I were in his shoes, I would probably go for the guy with the experience. I've been at my current internship for a few months and feel I have learned quite a bit about how things work. If I tack on another 9-10 years of experience, I'd imagine I'd be a much better programmer.

Ultimately I would say if you are thinking about entering the field, you might as well have some degree. It will at least show you had the intelligence to learn the concepts. I don't really see an employer hiring someone with no professional experience or degree, especially in this day and age.