It's so easy to forget how much we had to learn to build websites. It's incredibly easy to forget how much time getting the event loop or even MVC to click took. It's easy to fail to remember how hard it was to learn the 5 different languages required to build the app we made in a couple of weeks over the summer. But those are skills, as challenging to learn as algorithms and big data.
As someone who has had to learn data warehousing very quickly, before being shown the joy of such things as MapReduce, before being slung into serious number crunching performance eeking territory, I can say with absolute certainty that, as "web scripters" or entrepreneurs, we have a huge advantage - we're the people who taught ourselves how to make things instead of regurgitating what a CS program teaches us.
I started a CS program at a decent university. While I think it's true that ivy league and extremely competitive programs might force one to think about this stuff the right way, State University absolutely do not. Most of the kids coming out of there will not be as qualified as someone who has taught themselves how to build a business.
Most importantly, If you're coming out of college, there is approximately a 0% chance the folks hiring you will have any expectation that you will be useful for several weeks while you get up to speed, which is plenty of time to become competent enough to be dangerous.