If you do a little searching, you'll find a huge number of threads and posts debating the merit of a degree. As far as being hired without one, it is possible but at least for now you're competing with 1 arm tied behind your back. Who can know what will happen in a year. Maybe all the guys with degrees who are competitive flying-wise will be gone and it won't matter, or maybe 10 more airliners will get shot down and we'll go into another post-911 world flying recession again. I don't think either of my examples are likely, but you can see the futility of trying to predict the future of this profession.