I guess the first thing to consider when getting a degree is "where are you from?" The industry in general doesn't look for people with degrees and you can get a job without one. However there are a few instances where a degree might be useful or worthwhile getting:* if you are in a country that is not a game development…
If you haven't read through it already, I'll refer you to this polycount wiki section for some good reading, specifically the summary and information under "Education": http://wiki.polycount.com/wiki/Game_Industry I don't like to comment on the college thing specifically since I think it really just depends on what kind of…