I've been making games professionally for over a decade, and during that time I've interviewed countless candidates. As a lead programmer for top tier companies and now as a startup founder, here are my thoughts on the matter of degrees and what matters most in getting noticed as a newbie.
1) Your portfolio will speak the loudest. Show off only your best work. For a programmer, your work can still be polished even without having high quality art...although high quality art will certainly help give your screenshots and trailers some pop! One or two FINISHED projects is much more impressive than 10 half-assed ideas that you lost interest in but put on your resume anyway.
2) If you have one, loose your ego. I've passed on very smart candidates simply because they wouldn't mesh well with the rest of the team. I've most often seen this from programmers who think they are better than those of all other disciplines. In my experience, having the wrong attitude will lose you the most jobs either from simply not passing the interview or being the first to get cut when times get tight at the studio.
3) A CS Degree shows a couple of things about yourself. You can finish something that is hard, and you have a solid foundation of programming concepts, math and physics. Programming can be learned and mastered by many people outside of school, but writing games is as much about linear algebra as it is about writing elegant algorithms. You're almost certainly going to gain a wider breath of knowledge at college than you would teaching yourself.
4) ...but, if you're exceptional, not having a degree won't matter. One of the smartest, easiest to work with programmers I've ever head the pleasure of working with was self taught. He's an exceptional person though, and very much the exception to the rule.
5) Be excited about the prospect of making games for a living! Most game developer hopefuls have no trouble in this area...but you'd be surprised. You've got plenty of time ahead of you to get old and jaded.