I enjoy the theory behind software development and often read research papers for fun. It's not uncommon for me to sit and read RFCs or wikipedia on certain subjects when I'm not working.

I know that there are many areas in which my knowledge is incomplete and I would worry that these gaps will not be filled purely through my working experience. That said if they're not required in my daily work I don't see them being absolutely crucial to learn.

I've met people on both sides of the fence in relation to the value of their degrees. Many of my friends still carry their student debt and would wager that the degree has not made a huge difference. Others really enjoyed their 3rd level education and saw it of being huge benefit to them.