The course was completely online and I took it at Sierra College in Roseville, California. I found it to be slow paced, but wanting to get a good grade in the class did force me to make time to learn the material when I could have otherwise used that time to do work-related tasks, etc.
Personally, as someone without a ton of experience, I'd love the opportunity to work with Zed. With some of the position responsibilities he's looking for, I think the chance to be mentored by him would definitely be a plus.
I second the "don't think it's necessary, but sure it doesn't hurt" stance; I doubt someone would be docked points on an assessment or interview for having a degree right?
Some of us had parents who never stepped foot near a college or university and having their kids graduate with a degree is one of their dreams. Having picked up programming in high school, Computer Science was really the only appealing option. Overall I don't think it was a waste, though some parts were (most general education requirements.) At that age, I don't believe I would have been ready or mature enough to even work a full-time programming job, let alone start some sort of business.