I personally followed the BSc route. I am now doing the M$ certs (MCSA + MCSD). In terms of employability, I think a degree is a must. The certs are like icing on a cake as it can help land you the type of job you want.
Also, there is a fair amount of comp sci in some of the certs. Like for example, the 70-461 SQL content includes some basic set theory, data structures (B-Trees), and loop constructs.
The first time my mind was truly blown away with comp sci was when I used De Morgan's Law to alter a query