This is a very interesting topic. As someone who did not do a degree (did an accounting diploma-recommend it highly), but who has interviewed, hired, led, fired (unfortunately) - I am a sceptic! Vocational degrees are great but a degree in History of Art tells me that you like travelling to Italy and looking out the window! I also ran a selection programme of Business School Grads - Harvard, INSEAD, etc - for one of the Major Banks; 50% were unable to make decisions and were socially inept (EQ v IQ?)
I have to ask myself, though, why I would and have encouraged my children to gain a worthwhile degree. Mark McCormack's "What they don't teach you at Harvard Business School" was good, but not that good!