Well Dianne -
That's a slippery slope. I have much respect for the degree and the training that goes with it. As the landscape of the profession changes and the needs of the respective communities we serve change, the need for those with the skills and training to navigate the information and technology landscapes increases. I see room for both professionals and paraprofessionals in the public library (and I delineate public because that is where I work, not because I have a different opinion about a different type of library).
I will say that the degree does provide one with a level of knowledge not available to most paraprofessionals. Several situations immediately come to mind where training in theory is important: bookstore models versus Dewey, banned books versus right to information/access, collection development, weeding, ...I could go on and on. But you get the idea. :-)
I was a paraprofessional prior to obtaining my MSLIS. When I was, I didn't know what I didn't know. Now, being trained and experienced, I'm embarrassed that I even ventured to call myself a librarian without the knowledge I have now. One woman's opinion.