My DH got his culinary degree from one of the biggies when he was an adult well into his 30's. The reason was because there were jobs he was interested in (R&D of new products for major manufacturers, for example) which were closed to him without the degree even though he was already successful in his field with 20+ years in. Getting the degree opened the doors, absolutely, and gave him a type of confidence he didn't have without it, even though, honestly, he could have taught many of the classes (and later considered it). He chose the school because they offered a program that was do-able for him while working FT, and we paid OOP (ouch). I give him a lot of credit for seeing it through, it wasn't easy.
Thankfully, he was already established in his field, as some of the entry level jobs being offered through the placement office at school were, like others have said, paying $10/hr. This would be (debatably) ok for young adults just out of school, but for an adult with a home and family to support, it would be difficult if you were just starting out for the first time. Today, he has a job he enjoys with a great schedule, something a little difficult to find during those young, grinding years. Employment in the field has been seen its ups and downs over the years, as businesses have closed and/or changed hands (operating costs being astronomical), the economy's fluctuated, cheaper products and fast food have flooded the market, etc. This is the reality of the industry. But although my DH has changed companies before, his skills and experience are solid and specialized enough that he is employable even in a slow economy. Experience counts for a lot, but you have to put the time in.
Another experience I can share is with that of a friend. She had a 25year career in another trade already but wanted to become a chef because she loved to cook and thought she'd get better pay doing something she loved. She had two options for schools - a community college, or a private college, both offering a 2yr degree. She chose the private college even thought it cost about 4 times as much as the CC. She thought it would somehow be better. Upon graduation, she encountered the same problem of pay of $10/hr. And she worked her butt off. Hard physical work (has injured her back several times) and long, pre-dawn hours - day's done when the work's finished (definitely doesn't pay to be slow; gotta keep up the pace - something to think about for people who are slow and deliberate). She burnt out pretty quickly. And because she had huge school loans to pay, she had to work her old job as well as her chef's job. It's been several years and although she changed chef jobs, she still works the two jobs, hates her chef job, and is completely fried. She's a different person than she was a few years ago because of all the stress from this (I'd even go as far as to say depressed). I'm sure she wishes she'd done the CC route as at least her school loans probably would have been paid off by now and she'd be free from that burden. I dont' think the college she went to made a difference in the jobs she's had. (She also now hates to cook and her program folded while the CC's still going strong.)
I think that, as mentioned in the NYT article, an increase in culinary school graduates (thanks to some of the popular TV chefs and shows) combined with a slow economy makes going into this field and where (or whether) you get your (formal) education something you really need to think about very carefully. It's not something I'd discourage (it's something my own daughter thinks about), but I would absolutely go into it with your eyes open. Talk to people, as you're doing, research, and keep an eye out for what's going on in the industry. Things I'm sure will be on the upswing again at some point, but how all of the variables play out is anyone's guess. People do always have to eat.
Planning with foresight is always a good thing, as is education, IMO. Lastly, consider a specialization but be sure to get lots of other experiences, including management. Good luck
