I've begun seeing the qualification for the job listing a 4 year degree OR relevant experience but in my case, the experience is not quantifiable in that a lot of it was done freelance so unless I'm prepared to carry around a large portfolio and a disk wtih all the saved work, sites, etc which most employers just don't want to sift through, then were back to the same equation: Degree = credibility.
Add to that the abysmal job market where employers get hundreds of resumes per each job listed and you have very little chance to prove yourself unless you get very lucky.
Hell, I just got beat out for a great job because the employer decided that he'd hire a friend from out of state and move him here as the friend needed work. He's lesss qualified and has the above mentioned expenses but that's the way things are at this point.