Google, Apple and IBM will not require degree for recruitments. What's your take?

Google, Apple and IBM have made a great change to their recruitment policy. Until now, like almost every other company, they're recruit candidates who had a formal degree. But no more.

Apparently, the companies have understood that the degree itself doesn't hold any value and what matters is the candidate's skills, knowledge and abilities.

What's your take on this move by these major companies? How will this affect the job markets, and more specifically the 'education' market which thrives on sale of engineering degrees? 

This is really a good move and all certifications which are mostly driven through dumps. What I mean by that you do SCJP for example and there is a dump available you study the dump and questions and you are passed. I think these certifications should also should not be given much of value.