I turned down a scholarship to Yale. The problem with college is that there's a tendency to mistake preparation for productivity. You can prepare all you want, but if you never roll the dice you'll never be successful.
I think the more avenues that open up when people want to publish, the better. Some of the authors that want to jump ship from the traditional houses and go on their own, you know what? Good luck. It's going to be a lot tougher than you think.