My first programming course in college taught less than what I was able to learn in 1 week when i was in 8th grade.
This. Why even both wasting college on CS when you can use it to learn something fun, like EE and just make video games in your spare time? I might be biased, though.
I know others have said similar things already, but in my experience, I got a lot out of a CS degree (Warwick, UK, 99-02) and very little was directly related to any of the programming they taught me. The most useful course to me was Functional Programming, in which we were taught the theory and practice of SML (which I gather from Haskell geeks I've known isn't even a very good example of a functional language). Have I used SML or any other functional language after that course ended? Not at all. But it made me think about programming in a completely different way to the way I'd been working in Delphi and Java before that, and the things I learned doing that were also applicable to the way I code in OO imperative languages, and I'm absolutely certain that I'm a better programmer as a result of taking that course. (If any of you guys are at Warwick DCS these days, Tell Steve Matthews that leather-jacket said hi. ;-)
I think the only actual programming-related things I really learned at university were to do with multithreaded theory and application in a pair of concurrency courses in the second year, but there were several cases like Functional Programming where I've learned a new way of thinking about things, of approaching problems and so on which have been very useful since, both in professional non-games-related land and also hobby game projects.
Oh, and also there was beer.
(And while I've never tried to get into the gaming industry myself, the interviews I've seen asking about recruitment have always been filled with guys saying "we prefer people to have proper CS degrees than any of these game-related courses, generally they're taught by people who don't have a clue what we want in the industry". But the other thing to bear in mind, which I don't think I've seen anyone mention yet, is that five years is a long time - the answer may well be different by then, as game-related degree courses are pretty new in the grand scheme of things.)