I think the first expectation should be the degree. A lot of people just want to "make video games". That can easily be accomplished as a spare time activity, and with iPhones and Android can even make you a decent amount of money too. I would set that as the path to satisfy any need for video game creation.
Computer science is usually more theory based, which is a lot of math. (Many CS majors are double math majors as you take so much math) Some schools are switching to a more software engineering based approach, focusing less on theory and more on practical application. Other traditional engineering degrees also offer the same basics in computer programming, and in most cases is all you really need. As I look around me at work, maybe one other has a computer science degree. There are some electrical engineers, a few mechanical engineers, several computer engineers, and even a few physics majors. We are all working on 4G networks for a company you all know. The reason is your freshman and software years are basically the same core classes regardless of which of those majors I mentioned. By the time you graduate half of what you know is out dated anyway, so companies want critical thinkers and solvers who can adapt and learn quickly.
The large video game companies are extremely high stress. Games have very aggressive schedules and 80 hour work weeks are very common. I'd say they are almost the equivalent of a high tech sweat shop. There is also huge turnover as one unsuccessful game can lead to huge layoffs. It is a very tough industry.
This is why I say focus on game development on your own. You can work at your own pace, make some money, and it is low stress. Plus you can focus on your degree, without limiting yourself to such a narrow job field in an already tough economy. I have friends who have earned in the thousands of dollars from their iPhone and Android applications.
