alt Hacker NewsStrong disagree. University is not overrated for computer science, maybe it is overrated for vocational training. Because what we are discussing here is not computer science, but craft.
Anyway, the students grokking computer science are usually the better craftsmen, too.
It really depends on what you're doing. Many graduates I worked with and people from academia always wrote code so convoluted and abstracted it was impossible to follow. In the end it had the same bugs and their code was replaced with something a tenth of the size within months of them leaving.