Supposedly there's actually an industry standard translation of work experience to years of college. I think it's 4:1, so 16 years of experience is worth a bachelors degree.
That seems a little high. In the real world it seems that 4 years of hands on experience is often worth more than 4 years of school. For certain things anyway. I have a degree. I'm not sure the education was really worth the money but it has opened some doors.
I've learned way more working full time than I ever did from my CS classes.
Do you know anyone who would really prefer a new graduate to someone with 16 years (presumably successful or why the hell are they still here?)? I have about four years experience in full time development work and a BA in an unrelated field and (think I) haven't experienced or seen this ratio in action.