Interesting bit on the MS degree. I followed the link, and I'm not quite as surprised that the correlation is poor, or even negative, given the way the data was collected and analyzed.
Absolutely agree that some MS degrees are pretty much less rigorous cash cows by now, that allow students to skip the fundamentals such as data structures, operating systems, and compilers.
However, many CS MS degrees actually do require this as a background, to the point where some programs have emerged to prepare non-CS majors for MS degrees, kind of like those post-bac premed programs. It's hard to believe that those MS degrees, which require a decent GPA in those core courses, along with high GRE scores (sorry, but we are talking about interviewing skill, which may be more related to exam taking ability than job performance), wouldn't result in a similar profile to people with CS degrees from top schools.
This is fully acknowledged in the text of the article referenced in a link, but unless people follow it, I do think the message may be a bit misleading.
That's an aside, though. The value may very well be in the prep for these degrees (ie., the post-bac CS coursework required for admissions to a reputable MS program). If you can get that through online courses (udacity or coursera) through genuinely rigorous self-study? Yeah, that might do it, for far less money. I've audited a few of them, and they're the real deal, that's the real coursework there.