Professor - Anyone could be a professor if not for the elitists running the universities. In fact, many "professors" at smaller colleges don't have degrees in the field that they are teaching - if at all. They have life experience. I find that when I take classes from professors with no real world experience, I end up teaching them more than they teach me.

How does one teach things like metaphysics or meta-logic based on life experience? What life experience could possibly give one knowledge about these subjects?
Maybe you have more practical disciplines in mind (engineering, computer science, etc), but many, many academic fields are purely academic--there is no real world employment counterpart. In the humanities, for instance, (I do philosophy) there is virtually no way for someone who has not undertaken graduate study in the field to be as informed about the field as someone who has. There just isn't any kind of real-world counterpart for many fields--there is no job where they pay you to do meta-ethics or to prove Godel's incompleteness theorem.
Now I do agree that it isn't the actual degree--the piece of paper--that matters. If one was independently wealthy and could afford to dedicate years of one's life to studying these disciplines full-time (like Descartes did), then yes one could be equally qualified as anyone with a PhD to be a professor. But I don't consider spending years studying an abstract academic field "life-experience."
So while I agree that professors learn a lot from teaching (there is a common adage that you don't really know something until you know it well enough to teach it) the idea that general "life-experience" can lead one to know more about things like metaethics, Godel's incompleteness theorem, or Coptic art than a PhD in those areas seems pretty doubtful.
Regarding the OP's question, given what I said above I think the education/experience distinction is in some ways a false dichotomy in some contexts. So I think the answer is that it just depends. If you're hiring a philosophy professor and someone comes in with no degree in philosophy but says, "but I've got 20 years experience"--well, I don't even know what that means. Does that mean they spent 20 years thinking really hard? (as my brother would describe what my discipline is about

) Does that mean they spent 20 years publishing articles in top journals and just happened not to have gotten a degree?
My dad is the type who never did any formal higher ed, but is very handy, very mechanical, and learns how things work by trial and error. He works with a lot of college educated engineers at work--many of whom are right out of college (my alma mater actually). So my dad likes to tell me stories of how these 21 year old kids come to work with their $40,000 a year engineering degree in hand, but with no practical experience; and then the factory workers like my dad who are lucky to make $40,000 a year end up teaching the engineers how to do their jobs. In that kind of case I totally see the idea that experience might matter more than the degree (or at least that the degree alone won't teach one how to do an actual job). But then again, I'm sure there are things that the engineers are expected to do/know that my dad can't do/doesn't know, so I wouldn't say that education is completely useless either even in practical disciplines.
So I think it all depends.