So it depends much on the work someone is going todo, relativly simple programming tasks ? No degree required. Working on something that scales to millions of users or has to run with exceptional performance ? A CS degree would atleast tell me the candidate has learned about the theory required for this.
Generally for a good CS grad its easier to get really good at programming, than making a programmer comfortable with all the theory.
Try to get into any of the TOP software companies in the world without a degree and i wish you good luck (not impossible though).
I say this as someone who quit half way into his Bsc to start a company btw ;)