The sad thing is that most employers, at least in the professional world look at bachelors degrees as the equivalent of high school diplomas because basic education just isn't cutting it anymore. To have a high school diploma now means nothing. Congratulations, you're qualified to do menial labor.
Speaking from experience, this isn't always the case. I work for the largest telecommunications company in the nation(wireless arm) and there are quite a few people that do not have degrees in my field. I dropped out of college and did not finish. I have plans to go back, but only with learning in mind. I really could care less about the piece of paper. I just want to learn more about my job and utilize the tools which are offered to become an even better employee.
Sure, if your desire is to make upper management, then that degree will most likely be needed. But on the front lines where all of the technical work is done, just good ol' fashioned experience is the qualifier. Most of us tech folks make more than some of the managers -- that's what happens when you are non-exempt(OT). Personally, I have no intention of moving up. I love my job and it pays extremely well. I'm the type of person who likes to have his fingers in all the pies. I would get bored if I was no longer able to do hands-on work on all of our equipment. The wireless field is rapidly changing every year, and we're only getting to the fun stuff now.