A relatively large number of people in the software industry do not have college degrees compared to other industries. In my experience, many of the best programmers/software engineers are those who learned outside of college. However, many employers stress a CS degree or equivalent and some require it.
In your experience, what do software engineers with a college degree have that is generally missing from their degree-less colleagues with equivalent experience, and how much does that set them apart in terms of job performance?
[EDIT] I know that college exposes you to a wider range of things than a single job might and that a degree might help you get a job. What I am looking for is what things engineers with degrees tend to have that is useful on the job that others don't. In other words, as a professional software engineer that is in charge of hiring, why should I care if someone has a related degree? What are they likely to bring to the table that someone without a degree is less likely to?
Note: While searching the site I found a number of related questions including this one but none of them provided the information I am looking for.