Robi Sen just blogged (
http://www.robisen.com/index.cfm/2006/12/14/Algorithm-Resources) about the importance of understanding algorithms and recommended a few good books. I'm a bit of a mathematics and strategics hobbyist (I was once much more avid but don't have quite as much time for such things these days) and think the entry makes for a very good read. I agree with his recommended resources and have a few others of my own to suggest both for beginners and for the mrore hardcore folks, but first I'll have to search around my shelves at home to find them.
I remember my university time and importance of algorithms that we spent more than 2 years. There are still things to learn and learn again.
My point, and I see it was lost here, is that CF programmers, and programmers in general, would behoove themselves to be at least marginally acquainted to common algorithms because they might find that many of the problems they are tasked to solve each day are already well defined.