You can learn almost everything you listed as a "Con". It's not always easy, but you learn as you go. I've picked up a lot on the go and for everything else I have to be honest with myself and spend more time on it (e.g. evening, weekend or take a course).

I don't have a degree either. I just never stop learning. I'm sure it would be similar with a degree. All in all, I am doing pretty awesome. I could have a lot of different jobs if I felt like it. And no one has asked me for a degree in maybe 10 years (I turned 30 last year).

The promotion part and the HR part – I think it depends on what kind of company you want to work for.

I don't see a reason to waste away my talent in an environment which doesn't appreciate what I bring to a table. If they would rather promote someone else because they have a degree, then I am in the wrong spot.

If those are your challenges, you might work for the wrong people. Reading this makes me a little sad.