I know this doesn't directly correlate to a "Security Degree", but I work in an area of computer security. Some of the latest fads (or they seem like fads to me, maybe they're really trends and I wouldn't know the difference with only a few years experience) are certifications. That's something being pushed in my arena. I've come from a more networking side, but made my way fairly easily through Certified Ethical Hacker (CEH), and taking the test for ECSA (follow-on to CEH) in a couple hours. Walking out of these classes I know how attacks work, and when some would be more advantageous than others, but what does that really mean? I could start as a newb down the path of being a licensed pen tester. But w/o a large amount of other knowledge and curiosity that drives you to learn more than the "book-smarts" that these classes and certs provide, you're going to end up a professional script-kiddie at best. For example, at the moment I realize that I am in a major rut not knowing a lick of programming (which is the area I intend on tackling next), because if I'm in a situation where a quick script has to be cooked up, or a program written to do a specific task, I'll crumple like cling-free in a loaded dryer.
So what do these certs/classes mean? They mean what you make them to mean. From a personal/professional level maybe they'll get you more money, but from a industry/community wide perspective, they don't mean much. Just my thoughts for what they're worth.
(Edited for grammar)