be able to interview and know your sh%t thats all that matters in the end
real world experience is great, but if i have you in an interview and you cant answer my basic questions, what good is your real world experience? it isnt worth a damn
(being blunt/ brutally honest, probably because its 4am.. heh)
yeah but for most good opportunities and great paying projects/jobs.. you need real world experience.
There are going to be a million people who say they've worked with c#, java, whatever... In the interview only the person who has actually been there and actually worked with the full lifecycle of a project will be hired.
Also the person with the great resume and great communication skills will have the advantages over a person who simply knows the technology.