I don't think you can realistically say that because somebody was hired at AA 30 years ago without a college degree then that serves as proof that you don't need one today. This is a different era and there are currently more then enough pilots to pick and choose from. I know many pilots that are more then qualified with PIC twin turbine time, total time, previous 121, college degree, no history of incidents, accidents or violations, no failed checkrides, internal recs, yada, yada, yada... totally clean, qualified pilots who still don't get the interview and many of which when they do get the interview don't get the job the first time. However, I don't know one single pilot that doesn't have a college degree that did make the jump to the majors. Not saying it doesn't happen... I just don't know the guy it happened to. I guarantee that the guy it does happen to though has some kind of very good connection.
And while I might admit that airlines such as Jetblue and Airtran are majors I would add that they are bottom of the barrel majors. Most of my friends that are still trying to make the leap from the left seat at companies like Comair and Air Whiskey won't bat an eye at those companies considering them too much of a lateral move. This is not an insult to the many talented JB and AT guys on this bored. It simply means that their contract is not yet up to par with Fedex, UPS, Southwest... and so on. Why jump at the first major that checks you out. If you've got the criteria met then don't settle for anything less then what you consider to be the best in terms of future, job security, contract and domicile. But if you don't have your college education then you probably should count yourself lucky to get on with Jetblue and Airtran.