As someone who doesn't have a single credit hour of college and currently works at a university as lead developer on a NASA space mission, I will say without hesitation that I would recommend getting a degree. I would hire anyone who was right for the job, but a good education gives some breadth that is very hard to acquire through self study.

Some universities offer a different degree program where you learn some EE & chip design along with software. When these programs are done well they are great.