|Image from sxc.hu by adienache|
Obviously without a degree in something you usually get paid less, and you've obtained amazing skills in something. I think someone with better skills will always outshine anyone else regardless of their educational background. Personally college suited who I am. I enjoy that type of environment, and I felt myself grow a lot as a person because of it.
I think the weight of loans is outshining the use of degrees currently though. People graduate expecting a job that they can pay off their loans with in a timely manner, but instead you find yourself either jobless or with years of debt that not only you will carry but your future family with. I don't know how much that makes graduating college worth in the end. Not everyone is cursed with that major of debt, but the majority of people are.
Personally, I would analyze who I am before putting myself in college. Most people who don't really want to be there won't make it the four years anyways. Don't put yourself through the ringer of it just because it was what was expected. At the rate we are going the college degree will be the new high school diploma, and the master's degree will the new thing we feel we need to achieve. That will be some hefty debt if true. The state of the American education is pretty bad off overall anyways, so this is a huge topic I could go on and on about.