My job does indeed require a degree, specifically a PhD in history, and without it I wouldn't have gotten a sniff. I was very lucky, in that my PhD was supported by the government-funded Arts and Humanities Research Council, which now faces the prospect of seeing its own funding getting annihilated (ditto the Economic and Social Research Council). Without that support, there would simply have been no way to afford it.
In the year since I finished said PhD, finding work has been a struggle and I've gotten by through jobbing bits of research for others. Several interviews later, I was lucky enough to be employed at UCL, working with a great bunch of folk on a fantastic project, and earning a decent wage.
In the personal sense, a university education has gotten me a good job with decent prospects of progression, doing something I love. There's a distinct thrill in seeing your work published, and others citing it critically in their own. However, the intellectual stimulation it provides in itself shouldn't be underestimated - an educated nation is a successful nation, and reducing an education to a service or a commodity is, to my mind, extremely short-sighted.
(It also got me an all-expenses paid trip to Australia during the summer, but that's another story!)
A word of warning to those thinking about becoming an academic (in the humanities, at least) - prepare yourself for a life of pimping yourself out to funding bodies for research cash, and a rather limited pool of jobs.
EDIT: I should also add, I'm very glad I've already finished my undergrad degree. Coming from a low-income family, I took the full loan amount (plus a 24-hour a week job) to get me through that and my master's. I now owe the Student Loan Company about £18,000, and the prospect of that having another £10k whacked on top is pretty unpleasant.