I once worked at a national lab, advising postdocs on compilers and optimization, even though I don't have a degree. Is 20 years of experience worth less than a degree?

Most people I worked with were Ph.D.s who didn't care about their degree or title. They were focused on technical problems and solutions. There was never a statement like "But (s)he doesn't have a degree in this-or-that."

Only insecure managers have ever raised the "degree" issue with me. One manager who stymied my career because I didn't have a degree, was later fired for making a commitment for which a Ph.D. was committed to do the work. The project was late or never completed. The Ph.D. was demoted, but the manager who committed to his work, and who hurt me earlier because I didn't have a degree, was fired. I thought that was Karma.

Depends. I tought for over 10 years at three universities without any degree. Never managed to finish, because I didn't need to. But this works only in liberal countries where qualification trumps buerocrazy. Would never work in Germany.