Say what you will about IE (Zeke is apparently lead on the project), Microsoft actually does have a lot of good software developers working there. I can't imagine someone would rise to a lead role on a major product like IE without being pretty damned good. And, there probably is something to hiring really passionate people over someone with a lot of qualification who could take it or leave it...companies like Google that weed out first based on school and grades, might just be missing out on a huge class of talent.
I can think of a few well-known examples of this (jwz, most of the 8-bit game developers, John Carmack, etc.). Not to say the guy responsible for IE is necessarily in that class...but, nonetheless, there's an awful lot of great developers who never went to a good school for CS.