I had a ground floor corner window office at Microsoft. (those who know, know what that means)
I was told by Google if I took a job with them I would have to "finish" my studies with in 2 years of taking the job.
I was on the standards committee for h.264, VC1, HD-DVD, and Bluray. Today I build some of the most advanced Natural Language Processing systems on the planet.
What is wrong with higher education is the belief that it is necessary to do well. There are definitely fields where I want the person to have earned a Doctorate. (I would like my Brain Surgeon to have at least one if not two) But over all I find that the person with the discipline to find out what they need to know through seeking someone who can teach them, or through reading, or through taking a gig that will train them is far more impressive than attending a school. Especially for IT.