This is a very touchy subject with me, as I spent a lot of money to go University, even if it was loaned by the government. It is a particularly difficult decision, university, as you're quite right, it has become a knee-jerk reaction to go to University. In fact the large majority of young people tend to apply on the basis that they're going to have 'the time of their lives.'
In truth, unless your chosen school is in the elite, university has become a complete farce. It is taught by lecturers who are seemingly on a huge power trip, and very often do not have the qualifications to teach at a middle-school, and therefore go to act as a 'lecturer' at a university. During my three years of university, I would say I learned very little indeed, and spent a large sum of money for what essentially was a piece of paper. University is hugely political, and the only thing it really taught me is that if you want to achieve anything in life, you have to spend a lot of time sucking up to people above you... something I am almost incapable of doing, I might add.
I am currently in employment within a large privately owned company, and the degree is not being used at all. In fact, if you really want to know some statistics, 2 people out of 45 (across 4 sectors of Journalism) in my year at Uni have gone on to a role within Journalism. The rest are in utterly different careers.
However, there is a slight contradiction arising in my life, which may make me very happy with the fact that I got a degree, as I've been put forward for a move into a high position with a dept. at Jaguar UK. Something that has never happened in this company before, but it turns out that they would not have considered me if it wasn't for my degree - so I simply cannot feel completely dissatisfied with my choice of 3 years and a lot of money spent.
That's my random opinion anyway. What I've just written may make no sense at all, its' quite early and I'm a bit fuzzy from lack of coffee at this point in the morning.
P.S. I also met my wife at uni - thus proving it to be a terrible idea...