I would certainly consider hiring someone who graduated late. The fact that it took them more than four years to get a four year degree wouldn't bother me at all. Maybe they switched majors or had to take some time off during college for some personal reasons. I'd be a lot more interested to see what kind of relevant work experience they had and how that would benefit them in the position that they were applying for. I'd much rather have someone working for me who made it through college in a little over four years with a higher GPA, than some kid who got C's and D's all throughout college because he / she didn't care enough to get A's and B's.
I got a two year degree in about three and a half years (GF had a baby @ 19, and I was 19 too, so that kinda put a hiatus on my school for a while), but no one really mentions that when I go into an interview. I still don't have a four year degree, but am eventually planning on going back. I am extremely happy with the job that I have now, so applying for a new job is not in my immediate future, at least I hope it's not. Even if I did have to apply for a new job, I'd be comfortable going into an interview with the hiring manager(s) and explaining that while I don't have a four year degree like some of the other candidates who might apply for that same position, I have quite a bit of relevant work experience in the IT field, which, while it's not a four year degree, it is still relevant experience. I'd almost rather hire someone with a two year degree and some work experience, than some kid who just graduated with a four year degree and had never held a job in their life. Education isn't everything, especially if the candidate doesn't have experience. Just depends on the hiring manager I guess.