Blimey! What a thread! I wouldn't like to go to the pub with Fulcrum (no offense, I'm sure you are incredibly intelligent, but you do come across as a bit of an arrogant snob).
Having been in the IT industry for over 20 years, been self-employed for 10+ years, been offered jobs purely on the basis of my reputation with no need for an interview (even if I didn't have all the necessary skills) all without holding any sort of degree/masters, then you'll have to forgive me for finding it slightly amusing when someone claims that it's absolutely essential to be successful in your chosen field.
Now I certainly don't claim to be a 'god-level' programmer (nor do I particularly care about being one) and maybe it's all very different wherever Fulcrum is from?? From my own personal experience I have found those who chase after perfection happen to be lumbering around a god size ego too and be somewhat unpleasant to work with. Software design/development is not about the individual, it is a collaborative, team based pursuit and true excellence can only be acheived through collaboration with others, whether that be in an academic or commercial environment.
Academic research is essential for sure, I don't think anyone here would disagree with that, but for every programmer to attain that same level of qualification is not only impractical and unrealistic, it would ensure businesses would grind to a halt!
Anyway, good luck to all in whatever career path they choose, however they go about it.