I would personally consider the education I received in UC Berkeley when I was there studying CS, excellent. It was very challenging (in a way, it's impossible to exaggerate this), I found tons of help from TAs, my peers, professors were experts in their fields, labs were very useful to make me experience "real life" stuff and discussions were very useful to learn "theory" side of things, both of these occurring in the same class. I had a lot of research opportunities, and "hand-on" engineering opportunities.
The only problem I can think of right now, it was occasionally hard to get the class you want; but with a few strategies it was manageable to get all the classes you want.
I hear a lot of people who criticize college being "4 years of fun". I don't doubt this is the case for most people, but this cannot be further than my own experience (and my friends in Berkeley who studied some STEM field). When you have endless stream of homeworks, projects, midterms and often-times you need to make decisions so that you minimize the penalty you can get by spending too little time on a HW (as opposed to maximizing your grade), there was simply not enough time to socialize. Obviously there were many people who socialized and partied but their GPAs were low. Also obviously, there were people who socialized and partied also had high grades, but they were very brilliant and were probably 0.1% of the class. Most of us mere mortal souls spent weeks in library studying and perfecting ourselves.
We can have endless discussions about importance (or lack thereof) universities, but given the correct setting, and correct motivation, they can be incredibly good tools.
When I came to Berkeley my family was piss poor and I was a 1st generation college student. Fast-forward 3 years (I graduated in 3 years as opposed to 4) I found a 6 figure job doing what I love every day, programming. I think that's a very good deal.
Controversial claim ahead: I think this discussion about universities' importance is uniquely American. I think we're simply discussing the wrong thing. Instead of questioning whether college is important for X, Y, we should be discussing how we can make every single American go to college. Yes this would mean having public universities where Americans can go without any cost, European style.