I do think an educated pastor is better than a non-educated pastor. I think a pastor seeking God's will is better than one who is haughty. I want an honest pastor above a dishonest one. ie claiming a degree he doesn't have or an accredited degree when it isn't.
I think in this type of forum - at times - we tend to come across as falling into two camps 1) education matters not at all as long as we are seeking God's will or 2) education only matters if it is accredited. (ok we are divided in this camp too

)
The fact of the matter is that under God's leadership, some Pastors can get the learning they need to become good pastors without a formal degree. BUT the degree will help to push them to do that. Having looked at the curriculum of biblical studies programs and MDivs for accredited and non accredited schools -- the curriculum is more strenuous for the accredited schools. But the unaccredited programs still would have benefits of increased knowledge and understanding of scripture.
I've met some Bi-Vo's while serving on Association training teams and I honestly did not know how they juggled it all - much less with throwing in working on a Div or Theo degree in there.
I don't think we can dismiss what SBCPreacher said.