Heh. El Presidente sounds a lot like me.
I have a lot of informal education. While I didn't understand most of what he said on the previous page, I could get the grasp of some bits. I was programming in batch files and Basic when I was 10 years old, and I was doing a Batcholar of Information Technology at NTU, part time while doing my high school work, when I was 13... Had to pull some strings to get into that. Had to submit some of my code and whatnot, plus have all these interviews with various professors (Bob Pascoe, Jim Jose, et al.) but I had a lot of fun doing it, and learnt a lot. Although I usually only managed passes or credits, I think given the situation I was doing ok. ;) It rocked being the youngest guy in the class by like 5 years. I stopped it in year 12 tho' because the homework load got a bit much, and I needed the marks so I could move onto another university, but well, I enjoyed it. In retrospect I think I could have continued on with it through year 12, but basically, I would then have to move onto NTU (Or, should I say, Charles Darwin University?) when I was finished... While I planned to at the end of Year 11, I'm happy where I'm (hopefully) going now... so, aye.
Informal education can be good, but the main fault with it is you get into bad habbits. Not documenting your code is a big one. Sure, you can understand it, but can the rest of the production team? Also, another thing I found was that I was using my own spacing methods in Qbasic, which disturbed me when I tried to move into VB in SIT111 because I wasn't ready for it... Plus, as El Presidente said, informally trained programmers tend to write spaghetti code... code which is all over the place rather then neat and organised...
The main problem, however, is that employers know that informally trained programmers are unreliable. It's not clear exactly what they know, or more dangerously, what they don't know. I mean, people forget things; just because you studied it in school doesn't mean you're going to remember how to do it five or ten or fifteen years down the track when you need it. However, if you've done it once it makes it a lot easier to learn again; most people can just skimread a textbook and it all comes back. But for someone who's never done it before, it can mean hours and hours of study... something no employer is going to tolerate during work hours. Also, the work attitude of someone who doesn't have a formal education is generally more lax then someone who has been through the school system, and employers know that.
Informal education has great advantages when you're not in the school system yet, but after you're of age it's time to fit into the ranks where you can learn much more, do the things you know more efficiently and learn it all in far less time.