Thanks to Chad Austin on the flipcode forum for directing me to this quote (You may have to search for it on the page):

While past work on cool projects is the number one criteria for most game developers, having a University degree is a major advantage. While this isn't a must at Epic, most larger game developers place more emphasis on having a degree. Besides that, college is a great opportunity to learn useful stuff. My degree is in Mechanical Engineering (University of Maryland) -- by the time I was in college, I had been programming for about 10 years and didn't feel getting a computer science degree would be challenging. So, I chose engineering, and that turned out to be a major challenge, and incredibly valuable

This is what I have been trying to say: Get a degree in something useful and if you still want to do games after that, go ahead secure in the knowledge that you have a good escape plan.

Of course, I expect that most people would get a clue/life and be over that "DUDE, writing games would be SOOOOOOO cool" thing but the time you finish a 4-year degree.

Just in case anyone reading this is still attracted to the game industry, remember this: Once in, you will be expected to be a professional, this means writing "Barbie's dream house IV" when told to do so. Everyone needs to pay their dues.