That all comes down to the individual person. There isn't any formula that can say X degree == Y experience. People without degrees are automatically underdogs in the business world (most of the time) and that kind of challenge will often drive them to a high level of performance. There are also people with degrees that have intelligence far beyond my abilities.
The anecdotal evidence we usually see, however, is from the remaining group that, no matter their education, couldn't find their way out of a paper bag with a map and detailed instructions. Some of these people simply aren't capable, and that is unfortunate. The rest could if they wanted to, but are much more content to play dumb and let someone else handle the problem. That is even more unfortunate.
The first two types -- people who don't need and education to be successful, and those who are educated and have used their education for success -- are the people I think we all want to be and work with. The others are the ones we encounter that fuel this debate.
If you are in that first group, great. Go get your education and use it to your benefit.