Is a college degree an absolute indicator for expertise? Of course not. But a college degree is hardly going to be made obsolete by the internet. Networking has always been an important part of getting a job, perhaps more important than any other one factor. The internet can certainly help networking. But I don't believe you can equate networking on the internet with having a degree. The degree points out particular things about you to the potential employer (that you can stick with and complete a degree program, for instance) and I don't think that necessarily equates to "someone vouching for you"