The paper degree never really opened any doors for me - meeting people probably did, growing up definitely did. 95% of the work I got/did that followed was because I taught myself PHP (and WML, LOL) for my dissertation project. If I'd knuckled down, I could have learned that in a few weeks without the degree.
With all this in mind, how long before enterprising firms come up with a learn and work option? I'm sure with a bit of thought you could make money off a hundred or smart 18 year olds. Give them a campus environment, free meals and board, some pocket money - then 12 hours (or whatever) of lectures a week, and the rest of the time they actually work for you doing practical things, putting in to practice what they're learning (or just doing a bunch of stuff that immerses them in a real life company). After a year or 18 months, they have something for a CV, contacts, they've got to grow up a bit, real life experience... Plus no student debt etc. I'd guess the company(ies?) involved could also have their pick of the smartest ones. Everyone wins.