I recently completed a 2 year photography BTEC (Triple Distinction, throw that in there

), currently on a year out assisting at a large studio out of Manchester, and in the process of applying to Bournemouth Institute of the Arts and London College of Fashion for next September.. So I'll throw in my two cents with regards to education..
Firstly, yes, i would rather be out in the field than writing a 20000 word essay on who invented the DSLR, but if that's what you think photography qualifications are all about, you should perhaps try one first
Before i went into college i knew how to use a camera confidently, more digital as that's simply the era i'm more a part of, but with regards to your shutter speeds, apertures, yadda yadda, well, it's not hard is it? And that's fine, if you want to produce a technically sound photograph.. In focus, well exposed, no clipping, rule of thirds.. It grates a bit after a while though. In fact the sooner you realise all photographs DON'T have to be like that, the more chance you give yourself to grow as a creative photographer. (Point of this is i feel you generally realise that sooner having had a proper education in it)
Three main benefits college afforded me:
1) A fantastic Tutor and Peer group, giving CONSTRUCTIVE criticism, and generally helping break down these bad habits you can pick up learning yourself, in turn rebuilding them better. Not just saying "That arm is a little blown out, try putting your camera in Highlight priority mode next time".
2) Access to kit I never would have thought about using, let alone affording. College was the catalyst in projecting me towards commercial/fashion photography, and I'd probably still be taking long exposure light trail photos without that. Not that there is anything wrong with a good light trail photo, but I'm sure you can agree that most usually rely on the light trails bit!
3) The chance to experiment and for your livelihood not to rely on it. And for someone experienced to notice when you're onto something and encourage you to do more of it. I think many people seriously underestimate the advantages being in a hyper-creative environment can bring, and more than likely due in part to the sheer amount of positively terrible third-rate photography courses on offer today. With all due respect to people who have done this, taking a good photo and posting it on a forum for the e-pat on the back really isn't the same thing. Taking a photograph, getting it printed big, throwing it in front of a class full of people and having a decent hour long discussion on it really does bring so so much more to the table.
Of course at the end of the day, the proof as they say, is in the pudding. And i judge all photographers on their work, not their education. Personally I feel that there is no way on gods green my portfolio would be at the level it is without the educational process I've been through, so i fully support anyone wanting to do it. It doesn't work for everyone, but if you can afford the 3 years time and the money on a GOOD course, I think almost everyone can grow as an artist from it.
Check your photos in 3 years time and ask yourself if you would be taking better photographs if you'd done it at uni or college. Then check yourself in 10 years and ask yourself if you'd be further than where you are now with a degree.
Unfortunately, we'll never know, as you can't exactly do a degree and then UN-do it again!