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What's a degree worth?

Education is approaching a change where it will never turn back, but what will we find around that corner?

In America, college degrees mean less and less, and it seems like what's often more important is real-world experience and a competitive portfolio/skill sets. So the question is to put yourself in the following situations to answer the following:

As an employer: Would you rather hire someone with your required skill sets/a competitive portfolio and no college degree, or someone with a degree and good grades but little experience? (everything else held equal)

As a high school graduate: Would you be willing to self-teach yourself to the point where you had marketable skills and an impressive self-made portfolio while risking not having a degree?

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