Alright, I have searched around a bit on this site and found two somewhat similar questions:

Computer Science Programming Certificate vs. Computer Science Degree?

Is it possible/likely to be paid fairly without a college degree?

But these do not provide an answer specifically to what I am seeking. I have my 2 year A.A.S. Degree in computer programming, along with a networking certificate from a technical college. I also have been working at a small educational game development company for 3 years now in various positions, but steadily moving up and now as a lead programmer on a few projects.

Some of the higher programmers I work with claim that no matter how much experience I develop it still will not mean as much as someone with a 4 year degree. Their argument is that most employers will look over my resume because of the common '4 yr' minimum requirement.

I have also heard people state (not as many though) that experience is everything and that an employer would rather have someone that has worked in the field instead of a rookie fresh out of college.

I have heard both sides of this argument, but am looking for a general consensus, or more arguments from both sides from the people who have been there, or are there.