Mind you they have 10+ years experience and can point to major succesful projects - so whether or not they have a degree or not is rather irrelevant.
Even with that, and fairly high grades, it was still a slight challenge to get a placement. Said placement is just to give me an edge over fresh graduates, I'll have a year in industrial experience over them.
Never saw that in the big companies, but it's been several years that I don't work there.
I chose a smaller software company, though. I much rather earn less but have a less enterprise-y work environment.
Working on large scale machine learning projects now. Couldn't be happier. And yes, I knew the answers to the questions without having to look them up. (though I suspect I'll get the Networking questions wrong.)
"on each paper, at least four of the five questions relates directly to material I have needed to know during my time working on Tarsnap, "
Most software jobs are far more distant from CS that Colin's. And more power to him for working fulltime on something that leverages his knowledge. (spoken as someone who spent a decade doing glue-random-apis-together-and-bill -by-the-hour enterprise software scut work)