I don't understand the assumption that all people who didn't go in to education don't understand the fundamentals of computer science, when in reality, most university lectures on the subject matter are available (and have been watched by me) online.
Your average university student spends probably less than 10 hours per week actively studying (I have no figures to back this up), I code full time, all day every day, then I bring my passion to my home and code late in to the night. Which would you honestly rather have as an employee? The university graduate with 3 years of boozing behind him, or the programmer with 3 years of experience and references behind him?
I don't want to go to university, in my opinion, it would be a step backwards.