You are right that having an art degree does not guarantee you anything, just like any other degree. However, when a company, be it Pixar, a video game company, or some other company that is looking for artists is considering artists that are of equal caliber and fit their style of art best, they will more likely hire the person with a degree over the person who doesn't have one.
Having an art degree doesn't make you a good artist, like you suggest, that I agree on. However art is not the only thing that you learn when enrolled in an art school.
Exactly my friend. Apparently, we are on the same page. And apparently, there are some who will always be envious. I met some of those in high school when they found out I was going to art school. They told me I was wasting my time and I will end up with my art degree packing groceries at a supermarket. Actually, one of them, at this moment, is packing groceries at my favorite Trader Joe's.
Btw, thanks for the link. The video was very helpful. I thought it was just me having problems with UV editing. I see many are having problems in this area of CG. You said you have Max 2010. I was wondering if you heard about the new features in 2011? A friend who's just starting art school has a student version of 2011. He said Max 2011 new features are not worth it and I should better stick with 2010. He said that 2011 feels more like an add-on than a totally new "version".