I must say that I'd like to think that having spent 5.5 years doing a Master of Science in Engineering Physics would make me more qualified for certain positions than someone who had not done something comparable.
I certainly feel that I'm in a much better position to obtain new knowledge in a number of fields (from economics to quantum physics) now compared to when I left highschool.
I didn't get an A+ GPA since I was too busy living life while doing "alright" at my course work. I did pull my shit together when I did my final thesis and pulled a nice A+ out of the hat since I wanted to do my best for once. I spent more time than most of my classmates partying, doing silly stuff and going on adventures - and while this didn't help my grades I certainly found it more fulfilling.
Does my time at university make me:
A) A better person than someone who does not hold a degree?
B) More intelligent than I was before I went to uni?
C) An arrogant cunt - and a nerd to boot?
D) More educated?
I'd say D - maybe a bit of B (compared to if I'd been speding 5.5 years on the dole smoking weed and getting drunk - as it is I spent 5.5 years on a student allowance smoking weed and getting drunk, but at least I was stimulated!

).
I don't think hauling your ass to uni to do half a year of disconnected arts degrees will necessarily make you more educated. Still it might, depending on your attitude.
If you have two almost identical persons, the only difference being that A can engage in a lengthy insightful discussion on the differences in the philosophies of Plato and Aristotle whereas B can not - A would per definition be more educated than B, but it's not something that'll give A an edge over B in 99.9% of all circumstances.
In the end - does it matter? Degree or no degree, if you start talking out your ass there'll always be someone out there who will pick you up on your bullshit - either through education or experience... neither is a substitue for the other.
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