I dropped out of Uni after one year (this was about 10 years ago). The thing was, in the hobby/amateur game development circles I was well known. Had written a bunch of tutorials, a book (when they still used dead trees) and knew folks in various companies. This made getting job easier. Now, after 10 years of work history, no one gives a damn about my lack of degree. I've working in more industries than most, form junior to Technical Lead positions.
But if I was 18/19 today, no side projects, not very well known, it would be different. When I was more involved in recruiting, I never cared about the degree, but without one, and without a work history, what can you really show me that proves you can do the job?