While I think there's something to be said for Wadhwa's point in the context of the engineering field, in the larger context it seems pretty clear we've peaked in an education market bubble. Think about all those kids with liberal arts degrees. Heck, even law schools have seen a sudden drop in applications.

Along those lines, I can't be the only one who was surprised that one of his closing examples was Steve Jobs, the famous Reed College dropout. After all, Jobs has stated the importance of his dropping in to calligraphy classes and how it exposed him to the issues of typography, etc. I don't think I've ever heard Jobs talk about the importance of a visual arts degree from a prestigious university, however.

As for the argument that Microsoft or Apple won't look at applications that don't have degrees, well, yes. But in this forum how often have we read of startups choosing their original teams based on prestigious degrees? If you can make something new and useful, are you really worried about HR liking your resume or are you more concerned with finding ways to make your own company happen?