I do have some certifications. They have gotten me precisely no money or job opportunities. I don't know about Sun certifications, but I'd suspect they're about as useful. Before getting certified for something, check the job listings to see if there's any mention of the certs. There's almost no chance that there's a secret market for them that doesn't show up in job listings.
And get the degree. If the certification works out as well as you'd like, which I doubt, you'll get a job doing Java programming. Right now, that's a good position to be in. How will it be in ten years? If you ever want to move to doing something else, you'll want that degree. This applies if you want to move into D-flat or whatever the high-money language is then, or if you want to go into management, or into something else like software sales or auditing. Without the degree, you'll find it difficult to be anything other than a Java code monkey. Not necessarily impossible, but you'll probably save a lot of hassle and problems in the long run.
(This doesn't necessarily apply if you're starting a new company up, but if your startup goes bust, as most do, have an exit plan that includes getting your degree.)
Don't expect the certification to replace experience. It might make you more attractive for an entry-level job (which isn't a bad thing if it works), but it won't get you farther than that. It is almost certainly less useful than a bachelor's degree. Heck, learning to write with correct grammar and spelling will likely pay off more than the certification. (Don't send me a resume or cover letter with incorrect capitalization, iffy use of parenthetical phrases, lack of subject-verb agreement, and other problems in your posting.)