I have been *working* in IT for over 15 years. Started with computers LONG before that. I am probably one of the best computer technicians I know (and have trained a good many as well) and can honestly say that experience will KEEP that perfect job, but not land it. I am very good at what I do, and others (customers and other IT people) recognize it when I am working on their gear. But without a doubt, 15+ years experience may look great on a resume, but you MUST have the paper just to get your foot in the door. I have applied to so many places, I've lost count. I have gone in to interview and sounded better than 95% of all the other candidates. But I don't have a degree. And I have been told by many employers that they would hire me in a second if I did. I figured this much experience would speak for itself. I even have 21 Brainbench certs and am Toshiba certified to work on their servers and laptops. But I don't have A+. I don't have MCSE. I don't have several hundred dollars to get them, although I probably know more about networking and computer repair than 90% of them. And THAT is the name of the game. Buy your "brand name" certs, cause out here in the real world, you can be a certified dumbass and get the job you want.
By the way, I'm still looking for that perfect job...