Personally, I value large chunks of the education I got in college, and think the majority of it had some value. I dunno how that value compares to the cost, and I've never seriously considered graduate school of any kind because the (tuition + lost earning) changes a bunch once you have a job.
I was mostly commenting that I thought a lot of the liberal arts education was just as valuable as the technology education, provided that I actually learned the tech so I could get a job. I learned a lot about music, literature and history that I'll have for my whole life, and that I really wouldn't have gotten off my duff to learn on my own.
If college is just an exercise in signalling, why bother with classes at all?
Why not just replace classes with final exams, give out the paper, host a few networking events and save billions of dollars?