I did a comp science degree at Heriot Watt university in Edinburgh.
It was ok, standard fare covering similar things that other people have mentioned in this thread.
I didn't really enjoy it but that's more to do with the university / attitude there than the course. The life I had out of university (new friends, shared flats in city centre etc) was far more rewarding to me than the course.
As for job prospects, I have to say that people from our course did pretty well. We all got jobs within a 6 month period of graduating and the starting salary was ~20k average. (this was back in 2001).
What I have found is that most of us have now hit a salary cap of around 30k in our prospective jobs and getting higher up the chain involves going into a management role and leaving the more 'technical' aspects of the jobs behind. This is in edinburgh though so scale the numbers up appropriately for south of the border.
I don't think it really helped me (or many of the folk I know) in terms of job skills. Everyone is either in sysadmin or programming roles. The programming was obviously given a bit of help with the knowledge of common data structures from the degree course but in real life they don't help much (most are available as standard libraries or functions) so...
If you're going into academia or research or a 'heavy' programming job (microsoft, linux kernel stuff etc) then it's a must but I suspect for the large majority of IT workers it's a bit superfluous. However, worth it for the piece of paper that says you have a degree..it opens a lot of doors.
As has been mentioned though if you're already handy with computers then expect to get sick of the sight of them and / or become quite jaded about the whole thing
If you are handy with computers, I'd seriously consider doing a degree in something else and then you will have your degree in that field *and* strong computing skills to arm yourself with. Rather than just slightly stronger computing skills.
It's something I wish I'd done...I took computer science as the easy way out. I was good at computing, had enough knowledge to coast through for the first couple of years and didn't know what else to do with myself. If I'd done something else (accounting, architecture / construction, a non computer based science, even law with a mind to specialise in IT) then I would have those skills and practically all the computing skills I have as well. It would have opened up a lot more doors further down the line.
But I'm a bit jaded about the whole thing so...
Pre university (at high school) I was :
- working part time for my mums work doing windows admin, networking, dbase stuff
- in my spare time running my own linux box for mail, web hosting etc
- looking after and helping with lots of other folks servery things
Post University (i.e now) I :
- work full time doing windows admin (but not at my mums work

), networking, unix admin
- in my spare time run a small bsd network for shared hosting
- help other folk (both in their work and personal projects) with network and servery stuff.
- starting to get into 'technical architect' roles. i.e speccing out and designing complex redundant systems rather than actually implementing them myself.
So there's not been much divergence. However, this could speak more of my own particular skills and drive than the relevance of a computing degree.
Good luck whatever you decide.
Kev