I have a degree in CIS (Computer and Information Sciences) and completely agree with you. The skills that I am using in my job (Network Engineer for a Major ISP) I learned through OJT and training. The CIS coursework has allowed me to better understand the overall picture and how things interoperate, etc. Basically, a degree tells employers that you can be highly trained and have the capacity to learn. Unfortunately, having a degree (or certifications) doesn't mean that you can apply what you have learned/studied or that you have common sense...it means that you can recite what you read. If you want some sad (and funny) examples, send me an email or PM.
I believe that the thread proves this.
