I say go to school because:

A. At the end of it you have a piece of paper with your name on it

B. It proves to an employer you can stick at something for a good number of years (read commitment)

C. It gives you motivation to finish your projects (look how many dont get finished on the boards cause of lack of motivation!)

D. Networking as your said

E. Industry people visit these schools and recruit directly from there (that's how I got my job)

F. Peer support and critiquing

G. Being stuck in a room by yourself doing maya tutes isnt the greatest fun in the world

Alan