I have a huge amount of respect for the people doing this, and it does look like great fun for them to do it and I do enjoy reading about them doing it but the idea of hooking up hundreds of logic probes and analyzing code on a logic analyzer sounds like something that is, personally, a nightmare. But, this is coming from a guy who hasn't picked up a soldering iron without burning himself on it.
That said, the EE class I took in college was by far my favorite (and the only one I regularly attended -- before I left), but I was always more entranced by the theoretical than the practical side of it.
They said all along the goal wasn't for us to be as competent as the Electrical/Electronic Engineers, but to teach us their language and the basics so we could work together. It was great.
My degree is accredited by the Australian Institute of Engineers.
I think what I got out of it was similar - I'm obviously not nearly as knowledgeable as a fully fledged electronics engineer, but I have some basic knowledge which allows me to cross the gap between software and hardware and truly appreciate the fact that it is actually possible to get from just having a pile of logic gates to having something resembling a processor.
To anyone reading this who's currently a CS major - if you have the opportunity to do a course in digital logic design I'd highly recommend it. Regardless of what layer of the stack you end up working in, it's a lot of fun and very satisfying to understand how this stuff works. If you do end up working fairly low in the stack it's particularly helpful - after uni I ended up working on kernel development at IBM where even though I don't work in hardware engineering I've found it helpful to have some of the background knowledge.
Seconded.
There wasn't really a Computer Engineering degree back when I was in school, but I made do. As it turned out, some EE classes would qualify for the lab science credit, so I took those instead of more physics or chemistry.
I had been fascinated in electronics for a long time before starting college, so I had a blast in those classes.
And it has all helped me a lot since then. I'm working on radar systems these days, and it would have been useful to take a little more analog and RF design courses. But those weren't my interest way back then. I've picked up a lot on my own since then though.
As with all old iron there is little point to it but I used to love it.
Edit: also I do not think there is little point: it still allows people to get away from the computer as magic. Even though it does not completely compare to a modern system, once you have done this you will never think you system is performing magic or that some coding bug is the universe conspiring against you.