Earlier quoted context omitted.
I am well versed in theory and know how computers work down to the semiconductor level. (An aside: I am eternally grateful to Feynman for his wonderful book on that subject.) Incidentally, I dropped out of high school my Junior year after I landed a programming internship at a local game studio. I have a GED. I would say I'm capable of being put to work on any software project in any domain and in short order attain…
Like many people have said, this is very anecdotal. Not all drop outs are as motivated or as capable as you seem to be. At the same time, neither are all college graduates. However, graduating from a top 5 cs program will at least ensure that you have learned a good deal of information from a wide variety of topics in computer science.
As will books: http://dl.dropbox.com/u/315/books/list.html
It's been my experience that the most capable members of a team have all shared a passion for learning combined with open mind. The fact that the top schools tend to select for those traits have led people to conflate credentials with excellence.