Background: I went to college. I have a Bachelor of Science degree, and I'm currently working on a Master's degree; I doubt the utility of having put in all the time that I did. I've read this discussion, but not the previous one(s) on the same subject.
I'd like to distinguish between three different things which are provided by going to college. These are a college degree, college classes, and the college experience. I believe that the benefits of these three are largely unrelated, it would be best to consider them separately.
My conclusion on the value of college degrees, for me, is that they will help me get jobs I do not want. My analysis of the situation, based on experiences that I have had thus far, is that the best jobs are had not by submitting your resume, but by personally knowing someone who believes you to be competent. If I were doing the hiring, I would certainly take someone I know personally and believe to be competent than someone about whom all the information I have is on paper and from one interview. To a slightly lesser extent, the same applies to people recommended by someone competent. This is, as far as I can determine, how many if not most top jobs are filled. It makes no difference whether or not you have a college degree for this, except perhaps in bureaucratic situations where someone other than the persion doing the hiring has set requirements.
The wallpaper will help me get a job at bureaucratic corporations which do things like throw out all resumes that don't list degrees, and then throw out all the ones that aren't grammatically correct, aren't indented according to the preferred style, etc. However, a company that does things like that is not among my first tier of choices in places to work.
Thus, I conclude that the wallpaper will almost certainly never help me get a good job, but will help me get a mediocre one instead of a totally bad one in a situation where I have already failed to get a good one (which is certainly a possibility I take seriously; I may well need a job at some point in the future and have no useful connections with which to get one at the time/place I need.)
This conclusion, of course, is entirely dependent on my own personal opnion of what consitutes a good job; I happen to prefer the small-company environment over the large one. If this is not the case for you, or if you want to work in areas where there are no small companies, a college degree may be more important - what I've called a mediocre job for me would be a good job for you. (I am, of course, assuming a correlation between company size and bureaucracy; I believe this correlation is difficult to dispute.)
It seems that there are people on both sides of the debate as to whether or not it is possible to learn things in college which cannot be learned from books. My own opinion is that it is usually possible, but sometimes not.
I think it would be difficult to maintain that any introductory-level classes aren't covered quite adequately by books; you don't need to go to college to learn how to calculate (or even rigorously prove) the running time of algorithms. The places where classes are more useful are areas which are either sufficiently new or sufficiently obscure that there do not exist books on the subject. In these cases, the only available material is in the form of articles and research publications; it is certainly possible to look these up yourself, but it's hard to know where to look, and the professor of the class provides a useful function in digesting the material and collecting it all into one place. These are the classes where the professor says "There's no book for this class, because there aren't any good books on this material..."
We might also be remiss to neglect the fact that some people simply learn better by hearing than by reading, and in this case would receive extra value from lectures.
For myself, I feel that being spoonfed the introductory subjects in lectures instead of learning it myself from a book was nice, but not nice enough to be worth what I paid for it. The advanced classes are much more worthwhile, and I will seriously consider going back and taking more on a part-time, non-degree-program fashion while working, basically just for fun and personal enrichment.
Some people people have said that college is fun. This is arguably true in some cases, but going to Bermuda is fun, too, and may well cost less than college with the price of college these days.
Another argument which I find less than persuasive is the claim that college is useful for the breadth of education. It is my belief that people are fundamentally repsonsible for their own actions and capable of making their own choices; if you aren't interested in breadth of learning, I do not see it as being valuable to have it forced on you. If you are interested, you'll do it yourself anyway.
One thing that the college experience does provide is contacts, connections, and even some genuine friends if you're lucky. In light of my comments above about how to get first-rate jobs, you can see that I would value this. However, college is by no means the only way to obtain any of these.
To summarize, I believe that college degrees are useful only when my situation is already suboptimal, college classes are useful at higher levels but not particularly at the introductory level, and the college experience is nice but often overpriced.