There are some good answers here. My answer is, absolutely, yes. There are many other things I look for. Are they experienced? Often, that outweighs a degree. Do they have passion and drive, and a zeal to learn and keep up? Do they have hobby programming projects they work on in their own time? Often, degreed candidates do not.
Personally, I view programming as an art form, a special craft. Degreed candidates might be able to do it, but they're often constrained by "by the book" thinking, and don't view their work as art. To me, a computer is a canvas. That's my artistry. That's my passion. I would much rather find a non-degreed, yet passionate person, willing to learn, able and excited to demonstrate their craft than a degreed one who is only there for the money.