The odds are still against you. You will lose opportunities due to credentialism. The best bet is to become better than your peers and be in the top 5% of the talent pool. When you work with someone who really knows their shit, shadow them.
The better bet is to eventually go independent once you know you're more towards the top of the heap. Years ago, a McKinsey subsidiary ultimately ruled me out due to a lack of degree. Nowadays they're a customer and have no problem subcontracting me out, because "I run my own business" and a proven track record is just as sufficient as the degree they otherwise look for.
And it's even worse now.
In the end, I lucked my way through a succession of jobs, due in part to the fact that my chosen career, systems admin, doesn't really have a university career path leading to it, so my personal experience was worth as much as anyone else's.
My recommendation: do lots of projects, contribute to open-source, put a bunch of personal projects up on github (and do them right; document them well and write good code), and apply to forward-thinking companies (startups, etc.). Show that you can do the work and no company worth their salt will care too much about how you learned it.
I need to put a plug in for my alma mater: http://www.rit.edu/programs/networking-and-systems-administr...
A lot of my friends from high school have part-time jobs / intern over the summer at the startups/companies from where around I used to live...
But I don't live there anymore. And I'm kind of hesitant to move back to Sunnyvale (It is the most boring, soul-sucking place on earth) so I guess that doesn't really count for anything.
Meh.