Once every few years, yes, only that often, I hire web application programers. I use a degree as a tie breaker, but nothing beats experience. On occasion, I hire directly from college if I have a position that is someone I want to grow into and I need un-molded clay.
Understanding how corporations work, how projects are managed, and how to manage scope creep are just as important as banging out code. I'm a small shop in a large corporation, so often, my developers meet with the application requestors, brainstorm, then go back to their desks to develop.
The project development becomes very iterative which frustrates those used to single goal project tasks, to no end.
School Work: You have two weeks to give me a widget that does x,y,z.
Real Work: You have two weeks to give me a widget that does x,y,z, you finish one week early, demo your xyz, then the discussion centers around wouldn't it be cool if ... how long will that take, can you have it by Wednesday so we can review and preview with Group z, who is looking to spiral, spiral, spiral ...