That's not exactly true. It's not that an undergraduate degree is worthless, but it's become pretty standard. You may not stand above the rest with just a degree, but you certainly fall below the rest without one.

I don't mean this from an intelligence or skill perspective, some of the smartest people I know don't have college degrees. But when the big companies are recruiting from college career fairs or listing it as a job requirement, you can and will be passed over for jobs because you don't have one.