The first point I think has born out fairly well, even if it was probably a bit arrogant. Certainly when I'm interviewing grads I'm not actually that interested in if they did a CS degree (though that might be more because I didn't do one...). We don't really do early stage training so we're looking for evidence that the grads can actually code, whether its by pair programming, via questions or looking at personal projects, etc, its the people who have done it as a hobby that tend to shine there.
The second point is highly subjective and obviously quite personal, but equally if people know they can get into software engineering without a CS degree then I think they're more likely to do a course that really interests them. After all, if you it doesn't effect your job prospects that much then why wouldn't you? There is a fair argument to be said that the industry should be better at hiring CS and code camp graduates and doing on the job training, but that's not where we're at currently, alas.
If anything I tend to view CS as the academic arm, and software engineering as the practical/vocational arm. In the same way e.g. law works (at least in the UK), where actually most lawyers haven't done law as their first degree and do a conversion course after instead (often getting a contract before doing the conversion cause and then having the firm fund it). Really, its the classic argument about how much university degrees should be academic vs vocational.