I agree that comparing a 20 year medic and a 1 month medic is unfair. But as a new medic I promise that I could smoke any of our seasoned medics on physiology, pharmacology, etc. but my ability to draw from experience is severly limited. Therefore I am much less equiped than any of them.
And as college is important, (I went to 3 years of it in order to get where I am) a degree is much less important than where and how you get your education.
The college where most of the guys on my department got their paramedic cert have a paramedic bachelor's program. Is someone that got a batchelor's degree in that program a better medic than someone from the one I went to? Hells no. For the reason's I stated before. They did the minimum mandatory hours of clinicals with rural departments that don't see very many calls, the minimum amount of intubations/IV's, and a whole lot of book work. You put someone in their last semester of the program in charge of a call and they freeze up. All that knowledge is good, but a program that offers real patient interaction, and lots of it, is much more valuable than a program that offers a degree.
Those that graduated college with minimum mandatory hours will gain said medical experience in the course of their job. The medic that graduated a certificate program will not gain college education in the course of their job. Over a few years the experience will come in and college graduate medic will out perform. Intubations and IV numbers are not #1 things of what makes someone a solid provider.
During your clinicals you probably encountered MD interns and residents who you may laugh "omg this guy sucks at intubations and he is MD????" or "this guy sucks at running this code, or starting an IV and he a Doctor?" Experience and skills come with on the job training and exposure. College education can only be gained by going to college.