During the review of the program curriculum I slowly started just consuming as much material online as possible (ex. google "The Algorithm Design Manual Second Edition 2008 (Skiena).pdf"). I focused on data structures, algorithms, and design patterns. Before you know it I felt I had a decent grasp of the concepts, could intelligently have conversations with my CS friends, and hopefully could write better code.
In the end, after thinking about the time commitment and financial costs, I eventually decided against the idea for two reasons. 1.) I had taken the time to simply read to understand and practice the concepts, 2.) it wouldn't have helped me in my career (no Google or Facebook aspirations for me) so it would have just been for personal knowledge. And since I took the time to read and understand on my own, I felt I had achieved quite a bit of personal knowledge for free.
Hope my 2 cents help.
smegel is right, all recruiters and most hiring managers will filter resumes based on easily quantifiable criteria, and the school and degree are at the top of that list.
Also, to get through interviews at tech companies like Google, you need to have understanding of fundamental computer science concepts if you are applying to be a developer.
Furthermore, getting that graduate degree in a real discipline is the surest way to tenure at whatever career you pick. That tenure translates to hundreds of thousands of dollars over your career.
I have some experience with other languages such as C, C++, Java(Java seems to be my school's favorite language), Python and a few other more obscure languages(Common Lisp, Haskell), but I have not been paid to write anything in those yet.
I realize potential future employers will probably only give me credit for Ruby and JavaScript unless I create some amazing open source projects in one of the other languages and that employer considers open source projects in their hiring decision.