Don't skimp by with a technical degree if you want to be a successful engineer in the games industry. Get a real CS degree, and don't snooze through math (you'd think it'd be impossible, but there are major universities that offer CS degrees and don't require any math beyond the basics, and some logic -- CS isn't all math, after all, and frankly some CS focus areas, like networking, AI, UI, and natural language, don't require much math).
The trouble is that many of the game specific degrees are taught at... sub-par schools. It has nothing to do with the concept of the degree itself. Having in-depth knowledge of everything a real college degree would cover will enhance your skillset in ways you can't even fathom as your career progresses
If you don't know what a dot product, a cross product, and a normal are, you aren't going to get a job in the (console) games industry, even as a designer or artist (well... you can, but you won't progress until you garner some knowledge). You might pass as a QA/tester person... for a while, until your employer replaces you with someone who can understand what a surface normal is.
The web-based games industry is a heckuva lot more relaxed. It also employs more people. The console games industry is cutthroat. You won't move past the ranks of folks who get hired+"let go" on a per project basis unless you are a serious asset.
You should pay attention to what the console games industry needs, as well, if you want in:
* Technically-oriented artists are in HUGE demand in the games industry.
* Designers... just happen. You don't get hired as a designer, unless you've got some experience, typically. New designers actually tend to come from QA/test departments. In other words... they are proven, knowledgable gamers, with an understanding of the development life cycle of a console game.
* (Good) AI engineers are always in demand. AI isn't hard to understand, but it seems to be real hard to be good at. Academic AI, and AI in performance gaming don't tend to mesh well, so... good AI programmers are not only hard to find, they're hard to spot. Specializing in AI does seem to help, since specialists usually realize that academic AI doesn't apply easily, and they get started early thinking "outside the box" of academia.
* Network engineers are popular, and in demand, although this may change. Performance networking requires some app-specific trickery you won't be taught in school, because different networking schemes work better for different kinds of applications/games.
* Not to knock graphics, but graphics programmers are relatively commonplace. Get another skill if you like graphics stuff, in addition to your graphics know-how.
* Compiler/assembler specialists are... awesome. And rare.
* Database programmers are handy in certain types of games, like MMOs. Not in general, however. Databases is the king of specialties, anywhere else in CS, really. Not games though. Choose wisely.
* Good software engineers -- i.e. people who understand putting a product out the door, and engineering it before they author it, are invaluable. Take some courses on planning engineering projects. This is something non-CS (or many CS even) folks tend to not have the skills or knowledge for... and thats a problem. Not having software engineering skills will delay your career in the schedule-driven console industry.
Last, but not least, as an engineer, OMG don't come to a console games industry interview without knowing how to write a program in C AND C++. If you are the world's greatest Java-master, great... go work in the web industry. Python and Lua are helpful for designers and engineers alike. Any scripting/programming skill at all will help with understanding high-end modelling/animation package scripting, as well.
