The first year or two I felt like a secretary. I took down the information, took it to people who knew stuff, got their answer, reported it back to the people who were asking. I've refined the technique over the last few years and now I sometimes even know stuff myself.
As I said in one of the PE threads, because I'm not a designer, I had to do some hard thinking about whether I was an engineer at all. I don't sit with a calculator, I don't draw anything, I don't use fancy analysis programs. But I handle questions that the inspectors (who have five times my experience but not my education) can't answer, and that's the difference. "Engineering judg(e)ment" is where it's at. TheTick is right--even if most of what you do could be done by someone else, it's the rest that you're really there for. ("Drawing chalk line, $2. Knowing where to put the chalk line: $9,998.")
Hard to say how much of what I do couldn't be done by a non-engineer. I think most indivdual tasks could be given to various non-engineers but I don't know that I could hand off the entire package to one person.
After a certain number of years out of school, what one did in school often becomes much less relevant, and the value of the education seems less obvious. What you're left with is the pattern of thinking that the education established, combined with the innate ability that led you to get that education to begin with.