I've had a felony for over 8 years now, and have been working as a developer almost the entire time. I've only been asked to disclose that information once, and I did. While the company had questions, they didn't seem to care very much (note: I don't recommend telling anyone. If you're a great employee and a mistake from your youth discounts you from a job, it's a lose-lose. But I did tell, so... ).
College? They cared. I would have had to sit through review boards and go through a lot of extra hoops. So I never went. That's right, I'm a felon with no college degree.
Life is harder. Your paper trail isn't worth anything, so you have to create your public image (link to the SO podcast about blogging?). Let your accomplishments speak for themselves. Be a part of the community. Give back to the community. Get to know people through helping others. Get jobs through recommendations. You may not be able to work at BigCo, I don't think I can. But so many companies are small, I've found it doesn't matter.
You won't ever have to lie on a resume if you build yourself up in the right way.
* And please email me, seriously, if _anyone_ has questions. So many mundane things are a felony, and people need to understand that it isn't a life ending label before they jump to permanent solutions. My probation officer told me, paraphrased "You'll be surprised who else has a felony. They will probably be inclined to give you a chance. So make sure you have a job next visit.".