I think it's less true now than it used to be. I fit your profile, Chuck; I dropped out of college in my sophomore year (2001) when the startup I was working for got bought out by Sun Microsystems and Sun made it clear that they would only hire full-time employees. I figured "one of 6 people working on the back end of Sun.com" would look better on a resume than a college degree in 3+ more years, so I took the risk.
Of course, back then, Sun would have never hired me had I not tagged along with an acquisition, and when it turned out I hated working for a large bureaucracy, I couldn't find another company that would even call me back despite years of programming experience plus the "worked on the back end of Sun.com" that I thought would be so beneficial. This was in the middle of the dot-com bust.
Back then, Google refused to even look at people without college degrees. Now, the article says: "Many tech companies welcome young talent, and don’t require employees to have a college degree. Facebook Inc., Google Inc. and others offer internships to teenagers; Facebook last year hired an 18-year-old intern for a full-time position."
Times have changed. For me, starting my own business was realistically the only choice I had in the early 2000's as a techie--other than moving back in with my parents, which I didn't want to do! Now, it seems like the same companies that used to view dropping out as negative are far more likely to give dropouts interviews and even hire them. As a dropout, I'm glad to see this change.