Degrees/Experience, What really counts?

What do we consider the ideal staff in IT these days? Is it those who have been granted degrees in IT, regarless of how relative? What do we do with those who have ‘grown up’ in the field without formal education? What role does education and experience play? What do we want for the IT staff of the future?

This is an opportunity to express your views on a very divisive subject. Looking forward to hearing your side of the story.