Yes, you should hire college-educated computer scientists
Daniel Gelernter, CEO of Dittach, has a WSJ op-ed titled "Why I’m Not Looking to Hire Computer-Science Majors":
The thing I look for in a developer is a longtime love of coding -- people who taught themselves to code in high school and still can't get enough of it...
The thing I don't look for in a developer is a degree in computer science. University computer science departments are in miserable shape: 10 years behind in a field that changes every 10 minutes. Computer science departments prepare their students for academic or research careers and spurn jobs that actually pay money. They teach students how to design an operating system, but not how to work with a real, live development team.
There isn't a single course in iPhone or Android development in the computer science departments of Yale or Princeton. Harvard has one, but you can’t make a good developer in one term. So if a college graduate has the coding skills that tech startups need, he most likely learned them on his own, in between problem sets. As one of my developers told me: "The people who were good at the school part of computer science -- just weren’t good developers." My experience in hiring shows exactly that. (...)
Now, full disclosure: I'm a computer science major, and Harvard's course in iPhone development is taught by my current boss. Then again, I've had a longtime love of coding, taught myself to code in high middle school and still can't get enough of it, and so on. But I still have so many things to say about this, which I hope aren't too biased