It's far more useful than the current University arrangement, where 'everyone' gets to pay money to drink for 3 years (whilst studying) and then either drop back into the market looking for useful work, or go on to spend even more time making Academia seem worthwhile.
We used to be world leaders in engineering and production in the UK - now we just have students everywhere, with no jobs to go to as we import pretty much everything.
Okay - slightly over-dramatic, but at least Dyson is trying to do something useful.