Over educated? Less useful? How does being more educated every make you less useful? Also, it completely depends on what sort of Computer Science you're going into. I really doubt that HP frowns upon extra education when they're reviewing engineers.
Because when you're over-educated they have to pay you more for little or no benefit, or sometimes to detriment. I wouldn't want to work with someone on a project, especially just a typical commercial job, who had a doctorate in engineering. If you haven't been at the university yet, or for very long, you just don't realize how arrogant those people are.
The profession skews young -- the up-all-night-coding thing gets tired -- but consulting and management positions aren't hard to come by once you're experienced.
What a crock of shit. I love it -- to an extent.
I love it too, until someone besides me is demanding that I do it. I hate doing that kind of thing for a job or for school.
Oh and if you want to brush up on C#, give me a hollar. I could use someone for a certain WoW project....