Personally, I would go with what I enjoy. I'm an artist, and I've been on both sides before, and for me the choice was easy. I had a job lined up out of grad school at Halliburton that offered me a six figure salary (they even raised their offer by $20 when I initially declined). It wasn't what I wanted to do, which was make art for games. In fact, it was hardly art at all, more like graphic design/UI stuff for boring oil drilling software. The kind of work I could have easily done before I even finished college and spent several years learning to model.
When I went home at night, I was just drained of the will to sit in front of the computer and do any personal work. I lost all my creativity for a while, and I ended up quitting after a month. Now I do what I love for a living, and even though my actual job pays less than half of what I could have made, I'm able to go home at night and work on side projects, and as a result I'm making more than at my boring old job. Granted I'm working more, but since it's what I love to do, it's what I would be doing anyway.
As for art degrees, they are far from useless, but you really get out of them what you put in. I strongly recommend fine arts and traditional art training over game design art courses, as you'll gain a broader background in art history and traditional skills that are far more flexible and useful in terms of becoming a well-rounded artist. Skills like modeling, 3d sculpting and digital painting are much easier to learn on your own, especially with a strong artistic background and the millions of resources available on the internet these days.
So yeah, art degrees don't present you with as straight or guaranteed a path to success, but it's possible to do these things if you have the right motivation for them and truly love doing it. It's also very important that you set realistic goals for yourself and really focus on defining the path you need to take to make a living in an art-related field. Be careful of the schools and programs you choose to study, and be aware of how much you'll need to be paying back once you're done.
Sorry I can't speak at all from the other side of the argument, as I have no experience with that.