The question of whether a film degree is the right way to go should be changed to, is a film degree the right way to go FOR YOU? A lot of people have gotten into this industry without degrees in film: Kevin Smith, Quentin Tarantino, even Spielberg. Then, there are those who did get degrees: Martin Scorcese, George Lucas.
What you've got to figure out are a few things:
1. How well connected are you? Sometimes it just takes the drop of a name to get a meeting.
2. Have you had any college for film? Be vague, unless asked specifically. Like, "I went to YaddaYadda U." Even if you didn't graduate, it's still a true statement.
3. What skills/resume do you posess that puts you ahead of everybody else? A lot of kids come out of school knowing how to operate a camera, write using 3-Act structure, edit, whatever. But what makes you different, aside from your "willingness to do anything. I'm a go-getter" attitude?
4. Is it the right time/place? And I don't mean emotionally. Read the trades and see what the trends are as far as job markets go. Get ahold of the ad sheets at the agencies. Maybe working overseas would suit any of us better than trying to go to LA. I, for instance, am researching the industry and trades in France and Italy as we speak. A year from now, I'll have finished my second year at school. I'm either going to be in LA, Orleans/Paris, or Tuscany.
5. What can you learn in film school that you cannot learn on a set? Sure, theory, great films, etc. But will theory help you hang a light or hold a boom pole any better? I think not.
Two more things:
Maybe school is the right way to go, FOR A LITTLE WHILE. Lots of people go, take the production classes they need, make friends, make connections, then set off after a year or two.
Also, a lot of production companies are not hiring people with degrees in film. Kind of the tabula rasa theory: If you haven't learned it the wrong way, then you can only learn it their way. A lot of people are getting degrees in English, Psychology, Business, Teaching, Art History and getting jobs that kids with Film degrees "should" be getting.
Just some things to think about.