Doesn't really make a difference past your first job. GPA is the same unless you're trying for a government job. The most common thing I'm asked these days is what's on my github account.
I've read that some schools are asking their students to do this. IMO, do it.
It costs nothing if you open source your code. If you never link to your account anywhere, it's almost a private account. That is, unless you've made something like the next Google in one of your classes...in which case you should probably just start a business with it ;)
I've been out of college for 5 years now and there are projects I wish I still had around. Some of them were pretty elaborate and complex and it'd be nice to point back to them. Too bad I lost the code in various hard drive crashes. I've taken a few sidestreets away from CS so getting back into it now means I have to learn and do a lot to show for myself.