There is no specific formula for getting a film/video education. Some are self taught. Others do the school route and go either 2 or 4 years. I like to say, it's what you bring to the table that matters.
I did the four year school thing. I felt that it made me more well rounded because understanding filmmaking is great, but I think you have to look outside filmmaking to find life stories. (I find that Hollywood has become too canabalistic with sequels, remakes and remakes of TV shows because many filmmakers don't know anything outside of their filmmaking world.) Having that four degree could help you later if you need a "real" job to pay the bills while you develope film projects and pay off either student loan debts or credit cards that paid for new gear. The number one reason for film school is the contacts. A lot of the work I got starting out was through film school buddies.
I've been out of undegrad film school for over 20 years (man, I'm old) and was chatting with a fellow student who's now a film professor and we made the realization that about 10% of those who go to film school actually end up staying in the biz 10 years later. Some just think it looks like fun and when the tons of work starts (12-16 hour days, weeks or months of pre-productions, and the search for money) they run for the door. Other's just can't deal with the small finanacial return and lack of schedule starting out gets others out. Some years are great and some years you're barely making it. I've been flat broke more times than I like to count when projects have crashed and burned at the last minute. It['s a hard life and you have to want it more than about anything.
Film school is what you bring to it. If just take the standard classes and churn out projects that just get you through, then you'll get what you deserve. You have to go beyond the circulum and push the limits. Make sure the school you pick allows you to go that extra yard.
Scott