That reminds me of the time a CS intern came to work for the summer at a company I was at. He was very, very bright, knew several programming languages and was pretty handy at server administration. When the intern left, he told his father (friends with our boss) that he walked into our company convinced that he knew everything there was to know about programming and was just in college to get the degree
I too have had similar experiences. I've also seen the reverse where somebody without "academic" experience has been amazed by how a little type theory / some big O notation / knowledge of a problem being NP-complete, etc. has made solving a problem much simpler.
What matters is the knowledge. Where you get it? Feh - personally I don't care :-)
What pisses me off (and I know this is not anywhere close to what Ovid is saying - but since I'm in a mildly ranty mood) is the sheer bigotry of some people, whether from the academic or the industrial side, to what the "opposition" is saying.