I got 3 out of 5 years thru my degree, then got offered a job part time, which then turned to full time. Stopped uni and just started working. By the time my mates were finishing uni, I already had 2 years experience up on them, and when going for interviews I was getting picked over them as they had no experience, and I had both experience and real world training (courses that work paid for, CCNA, CCNP, MCSE etc). Didn't have to sit through shitty graduate processes and jump through loophole. These days I'm headhunted and I set my own terms and still earn more than my mates who have a degree.
Depends on the industry I suppose. I couldn't pull that shit if I was a Civil Engineer for example, cos you need a piece of paper saying you know your shit. I think IT might be the only one where you can make it as long as you have good current knowledge.