Anecdotally, most people who come out of uni with a computing degree come out with a lot of arcane knowledge, a lot of experience with whatever software is cheapest for the university to run (so LAMP) and no skills in often the most important part of being any type of developer - listening to users. They then spend the next few years learning about the 'real skills' of developing and unlearning habits that academics drill in that stilt development.
Conversely, I've also seen people code who are entirely self-taught and many fall down because they don't have a 'deeper' understanding of the theory behind things as it it makes it hard to see where to hone or extend your skills.
If you're wondering where I am - I'm somewhere inbetween with probably come of the strengths and weaknesses of both camps 🙂 My degree is in philosophy and I've got a large quantity of maths qualifications under my belt too. These subjects gave me (I'd like to think) great skills in analytical thinking, problem-solving, and the exploration of concepts and issues on paper and with others.
Over the years, I've been picking up the technical skills and the theoretical knowledge for this career path I've managed to put myself on by combining practical on the job experience with a LOT of book reading about the theory. I think that without the theory I couldn't comprehend where there were failings in my work or where alternative solutions were available. It has also made it easier to extend my practical skills by being able to discern the patterns and core concepts used in my job. IMO You need to be good technically to be competent but you need to be knowledgeable to be excellent.
I say ditch the computing degree and begin training people up in relevant technologies and skills straight from college, but make them do a lot of home reading. I think every company should have a great technical/theory language (I pack my own and bring it to the company I'm working for as a value-add for hiring me) and it's useful for not only the newbs but the old-hands as a point of reference or an inspiration piece.