...Of course the individual in question has to want to be a programmer in the first place. If they just went on a CS degree because they heard that the job pays well they're less likely to be competent :-)
It is exactly that. I've been exposed to too many "fast moving" CS students in the past years, who are only in it for the suits and the leased cars. Together with what I think is a sub-optimal, if not sub-standard, CS education in most institutions, makes me say that having had a CS education, is a minus.
In that respect it's a good thing that the number of new CS students in the Netherlands this year, has significantly dropped. Hopefully, there'll be more students in it for love of the subject matter, than for the great salaries.