Hiring and retaining high quality programmers

Being smart, determined and doing stuff is good. But learning in a formal (or informal setting) has a couple of objectives. The first and most important one is to teach you how to learn. The second some fundamental skills. The third though cannot be taught, how to think.

To me original thinking backed up by skill and determination matters just as much. But theres one other dimension that education measures. The ability to complete.

'... Unfortunately, to many employers require that piece of paper that says, "I know my stuff." ...'

And it also does not demonstrate you can think. In fact it's really the bare minimum requirement.