I don't know much about the situation in Europe, but between Oct-Dec'13, I informally surveyed ~30 Silicon Valley tech employers (recruiters and hiring managers) and asked them exactly this question ("Will you hire someone who doesn't have a CS degree but has taken the equivalent MOOCs?"). The research was for my startup, which is in the space.

Here's a rough summary of the findings:

-- Overall, in spite of there being a shortage of developers, there's a general reluctance to hire people without a CS degree.

-- In general, hiring managers were more open than HR / recruiters to the idea of "self-taught" candidates.

-- Startups much more open to hiring entry level folks without a CS degree than large companies who generally have more choice (and bureaucracy).

-- Among those who were open to hiring self-taught candidates, 100% said they would like to see a strong portfolio of projects that the candidate has built.

-- Greater willingness to hire for non software developer roles. e.g. I heard multiple stories of people without CS degrees getting a foot in the door as QA / testers, and then rising through the ranks into engineering (e.g. at Zynga).

I believe the GaTech-Udacity degree costs ~$7k, BTW.