#1:
There is more to college than the education, education is almost incidental anymore. It's about networking and signaling, and that is actually pretty important even though it shouldn't be.
#2:
I was just reviewing a big requirements document with a Program Manager in the DoD and they asked me to come up with criteria for hiring SWEs. They were specifically asking what kind of education they should have.
I told them that BSCS was good, but I would hire someone the same age with no degree, but 4 years of experience over someone with no experience and a BSCS.
My experience shows me that even at the Senior Level this seems to apply.
There are drawbacks though.
Generally speaking, code savants don't need school to be amazing, but a non trivial number of them are high maintenance Divas that aren't great employees. Genius level work though.
On the other end, the BSCS folks have a floor of competence most don't fall under, so code is more predictable but in my experience rarely really amazing work.
On the extreme end, PhD's generally can't code worth anything. Don't hire them as SWEs, they're researchers and architects.
So the answer to the question is really more questions.
Are you ok losing out on positions that have a mandatory degree?
Could you maintain your desired lifestyle as a freelancer/code mercenary?
Are you sure you want to miss out on the social and network benefits of going to College?