[rprasad]

No, but my industry is license-based, and acquiring the license requires a degree and a very expensive test.

The problem for most jobs that "require" a degree is that a degree signifies a minimum knowledge base and experience with the subject matter (if not practical experience) of the position. The point at which work experience becomes more important than having a degree depends heavily on the position. Thus, for example, work experience will probably always be more important than a degree for something like design, but a degree may be more important for starting out in development (assuming that you do not already have work experience in the relevant areas).

Further: people in my industry tend to pursue a formal education, work, and/or self-education simultaneously (or at least two of these options). Any candidate who couldn't handle work and education simultaneously would simply not cut it, unless they opted for work because they could not afford to work and pursue an education at the same time.