My 2p worth, probably mostly applies to SW Dev..
Show me two people that are pretty equal other than:
One has 3 years of relevant experience
The other has been ****ing it up at uni for 3 years and came out with a 2:1
I'll take the first guy. I've seen quite a few employers do the same.
The vast majority of post grads I've seen come in to the workplace whilst academically clever have struggled, some were pretty useless in all honesty.
If people have relevant experience you can ask them to find out how much they do/don't know and work out if they are useful to you.
Personally I think even my working life (about 17 years) the value of a degree has been devalued, its certainly not the accolade it was 30 years ago.
If you want to go down the networking route I reckon industry specific qualifications will go much further - some Cisco qualifications for example will open doors that a degree wouldn't. If you are administering Microsoft stack there are qualifications there too.
They aren't the be all and end all but I reckon they give you a good start.
I don't have a degree - I worked out at the time it wasn't worth it.. Post grads starting salaries were not high at the time. I found a job and was earning more than post grad entry salaries within 18 months IIRC, stayed about 2-2.5 years and moved. My second employer told me that experience was more useful than a degree and hence I was offered the job.
Just under 2 years ago I moved to my current job and quite a few people have degrees, again I was told that my understanding/knowledge gained in the workplace was the primary reason for my employment. Quite a few people I work with have degrees and other colleagues (not strictly IT related) have PhDs in subjects like pure maths.
We all work pretty well together and value each others opinions/thoughts/knowledge as well as working with well educated colleagues overseas.
My point is a degree is not the be all and end all. If you have aptitude and are reasonably intelligent it will be evident to employers who will value you and your skills.