Are you sure this is the right path for you? You've already built-up quite a strong resentment for the industry you intend to break into.
Whatever you decide, keep studying anyway and try to look at the positive side of the industry.
There, gave you a +1 :P
But on a more serious note, I am with BrianRhineHeart here, I would strongly encourage the TO to question his goals.
1. If you want to do game development dodging ALL corporate BS, there is basically only the Indie route. Question is, if you want to go that direction, why even strive for a diploma? You don't need any degree or diploma to do your own thing. University can teach you a lot, but its usually not the best place to actually learn, you know how to program or draw or all that stuff. That is something that comes from tons of practice and repetition... something universities don't waste time with, because they try to cram as many topics into their curriculum as possible.
If you do study, you do it for the "broadness of education", getting insights into as many different topics as possible, while learning indepth about what catches your interest on your own time..
Of course, you will need a TON of luck to survive on your own in the Indie world. Entering that route without a safety parachute in form of a proper education and a backup career you can return to should you fail, or even having a day job you can work on to pay the bills, is highly suicidal IMO. Given you can live from ramen noodles and live in your parents basement or only have to pay a really cheap rent you might be able to survive until you find enough success to pay for your bills...
Other than that, you can try to find employment in the smaller Indie Shops. You will most probably face less Corporate BS, but lower pay, more uncertainity, and less security. And again, you are in the rat race for jobs. You might have a higher chance to get a job without a degree... but all other things equal, your missing degree might make you loose out against a similar candidate with a degree.
2. If you want to work in bigger Studios or the AAA ones, you gotta play by the rules. Nobody is waiting for you, and nobody needs you. You need to sell yourself as hard as you can. Going on a rant against how much studying sucks is not going to help you there...
IF you want the best chance of getting a job, get a degree. IF you cannot because of whatever reason, find a GOOD reason to tell people why you couldn't be arsed to get one. And work your ass off to create a portfolio that blows people away and get all the skills you can.
You will loose out to less skilled people WITH a degree in the first round in enough situations when you will apply for a job, you want to be able to really impress your potential new boss when you finally manage to pass the HR filter in spite of your missing degree.
Maybe a few words about your loathing of universities:
I have no expierience with the situation in NZ, I just guess its similar to Switzerland. Yes, there are the posh and highly overrated "elite unis"... yes, there are the elitist students that like the sound of their own voice above all else.
But even these elite universities CAN actually be good places to learn SOMETHING, even though clearly they are nowhere as superior as their marketing make SOME people believe. And you will find non-elitist students even on these elite institutes... I actually would bet most are jolly good blokes you would enjoy having a beer with and talk about normal stuff... you know, if batman is better than superman, if the new star wars film sucked, if they think there will ever be a new C&C.... not just listen to them brag about their scores, talk about science bullshit they do not completly understand themselves and stuff like that.
I rarely met annoying students in my time. We had a pretty cool gang of people who shared similar interests and helped each others out, not only with preparing for exams and stuff like that. Besides all the exams and studying and stuff it was a fun time. And while I do have to say I learned little in detail there, and a lot of the stuff we skimmed never really helped me in my current career as a software developer, I did get introduced to a wide range of topics I wouldn't have looked into otherwise.
I would bet if you would look around for the right university in your area and would really look into it, you would be surprised to find a lot of nice people studying there.
My 2 cents