I've been studying CompSci at a university for 2 years before I chose to drop out and actually do some applied 'hacking' in a real environment (as a company employee). I should say that the real job is sometimes more gratifying ;).
However, I too don't see how a certificate would be of much help. I've seen a few folks with certificates whose skills left their employers (or potential bosses) wish for more. For the most part skills on your certificate are hardly adequate for any job. What really does count is how good of a problem solver and how dedicated to the cause of hacking you are.
I also know too well a number of people without any formal certificate (nor a degree for that matter) who earn significate cash (therefore i assume their skills are being valued etc.) This doesn't make me very excited when I think of pursuing an academic degree. Although, I guess I might have to do that only when I get bored with my current job (as perl hacker, NO WAY! NEVER! :).
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"There is no system but GNU, and Linux is one of its kernels." -- Confession of Faith
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