That's one of the issues that I have right now... most of the "get her done" people that I know in industry aren't formally educated, because engineers 40 years ago didn't have to go to school. They do now, though. Generally, however, the people who come up with concepts for things who can think about physical phenomena in a conceptually abstract manner. I think it's a good thing to have a fair balance of both of those tucked away in your pannier.
I've personally gone from studying Architecture for 2 years, to Civil Engineering for 2 years, to math and general engineering with a focus on materials in the past year, switching schools in the process and having many jobs. I've just about "seen it all," and I'm only 3 credits from graduating. That being said, I'll be thrilled to get any challenging job... It doesn't have to be with Cannondale (whose engineering offices are actually fairly local to me), or with bicycles, or even in an engineering field.
Many college graduates with degrees in things end up transplanted into other fields, or using their degrees for jobs that require "any degree." This probably happens primarily because of the availability of jobs. That being said, I'll take anything I can get.