I think it depends on what you plan on doing. If you are planning to go work for Google, Microsoft, etc. as a programmer, i would think its safe to assume that they wont hire you until you have a piece of paper from a college. Or at least in college. However, if your just writing a program for self.teaching or attempting to become the next Notch, then you can learn everything from the web. And probably more from the web than you would in college. You dont need a piece of paper from a college to sell a Minecraft game that happens to become popular. OF course what is that chance of that?
Personally, i am biased against college somewhat, because i think society has gone crazy about having a piece of paper. Ive seen unqualified zit face kids get the job before my step-father, while he goes back to unemployment, just because the kid had a piece of paper. Whereas my step-father had 30 years expierence in the field, and no college. I mean come on, that is rediculous.
I did go to college for computer science, but dropped out. And now i just do it for fun, because i like it. I may go back (if i come up 3 grand to pay what i now owe), (highly doughtful, that i could ever come up with 3 grand up front to get back into college), but i do not do it as a job, i dont work anything related to programming, and i do it for self.teaching and fun.