How Much Formal Education Do You Need?

I'm self-taught as I know a large number of you to be as well. Are we missing out because we don't have a formal education in design? This topic has been addressed from time to time on this site and in this blog. I just read a good article that details the pros and cons as well as...

...offering tips on gaining an edge when you don't have a degree. To School or Not To School by Christian Hurst for Web Designer Depot has some great advice. The article does, however, have positive things to say about crowd sourcing (spec work / competitive design) -- specifically Crowdspring -- which some designers view as bad, even evil. (See No!Spec article). Even if you oppose crowd sourcing, it doesn't negate the other tips and pointers in the article.

More Answers to the Education Question:

• Readers Respond: How to Get Started in a Design Career
• Polls: Your Design Education / Training
• What Kind of Training is Required for Desktop Publishing or Graphic Design?
• 6 Ways to Get Design Training

And degree or not, you have to be continually learning. As Hurst says, "Graphic design changes rapidly. If you don't pay attention almost constantly, you can easily lose your competitive edge." What are you doing to continue your education, keep up with the changes? Talk about it in the comments.