The biggest value of a CS degree to me is to be exposed to the cool work of others.
What I mean is, we have people from all over coming here and giving talks on the kind of things they're working on. Sure, many of these things are more 'academic' in nature (in the sense of not being immediately deployable e.g. a new internet protocol), but I think their work is exploring the boundaries of the current state of knowledge.
To get a feel for what kind of crazy stuff intelligent people are up to. That's the reason I love being a graduate student.