My standpoint on the main points in this thread remain the same:
Those, whilst probably correct, are not relevant in their entirety. This thread is discussing the value of degree's (particularly for IT) not the grade of job you'll be choosing depending on what qualification's you have.
I'm sat here, surrounded by people with PhD's in chem, phsysics and one with biology, and some others with degree's in CS/BS/and there's probably an art grad somewhere around here.
I've got nothing more than a small handful of GCSE's and NVQ's, yet I'm teaching them how to operate their machines/servers and also aiding them with development work - not code cutting, but advising them on the best routes to take for Behaviour Driven Design, Unit testing, repository maintenance, *nix administration, how to manage customers, blah blah.
It boils down to: If you have your head screwed on, you'll be fine. I've worked with some A* "mathematicians"

p) some even having 2 or more 1st's in math subjects, who are so utterly clueless about everything outside of numbers it's like looking after a 5 year old. I mean everything from basic manners like tidying up the work kitchen if they leave a mess, to answering "How do I recharge my phone?" (literally..) Equally, a lot of the people I have worked with who did not go to Uni are complete dunces.
My boss turned down 3 candidates whom all had degrees in comp. sci. at varying levels, for a position equal to mine. They were turned down because, and I quote "They don't know their backsides from their elbows" yet because I had proven I knew what I was talking about during my interview, I got the job.
The very fact that a lot of job adverts are now stating "Must have 1st in xyz" shows the value of a degree is lessening, too.