Hey, I'm new to this board, but I have some background in both film and video. I moved to Nashville cold in 1999 and worked freelance in both for about 18 months before getting out for a while and working in music.
When I got into the industry here, I asked several producers about the "film school" question and I got an invariable response: nobody will hire you JUST because you have schooling. They want to know AT LEAST that you're reliable, intelligent, can work with others, etc. If you have experience and expertise in what you're job is, even better. Some producers I asked said they even avoid film grads because they generally think they know everything, want to start at the top, want too much money, etc.
My own experience (one year of vid. production in high school) was borne out by that. Once people got to know me, I never had trouble getting work unless I was simply totally under-qualified technically. If a guy had three more years experience or had known the producer for two years, I'm not going to get the job.
Get books, read message boards, ask questions, keep your eyes open, and get REAL WORLD experience - I'm not saying it's more valuable, I'm saying that the perception among those who put crews together is that it's more valuable.. Train yourself technically (so many more resources than in 1999!) and learn how to work in the environment from inside.
If you devoted yourself full-time to this for the same amount of time you'd spend in film-school and took your tuition to buy gear, work for free for crews, buy books, whatever - at the end of that period, you SHOULD have more technical knowledge, contacts, relationships, and experience than any film grad will have, unless you just shouldn't be in the biz. And that's a valuable thing to learn, too.