Good thread.
I agree with those folks who say that college isn't for everyone, but I think it can work if you know what your field is going to be and not just flail around at getting simply any kind of degree. I don't think a very expensive college education is necessarily the way to go either, unless your family is well connected. It doesn't have to be a Masters or Phd though, because I think a degree should be a means to an end (getting work, starting a career) and not an end in itself (just collecting degrees).
I also don't think that, "higher education" has to be just university studies either. Why can't it mean junior college, trade schools, on the job training, self study, and so on?
In the end though, the saying "knowledge is power" is often true, so I try to keep my education going even now, many, many years after I finished with formal college.
AAWA published my rumination on this subject here: http://aawa.co/blog/im-proud-i-went-to-college/
Brock Talon