College degrees are certainly looked at more now than before, but I believe college degrees ought to be looked at much less.
Nowadays, everything that can be learned in the best of colleges (harvard, mit, etc) can be learned on the internet at the click of a button.
In this bad economy, it makes sense that a person may know a lot without actually having a degree and besides, just look at the top college graduates. Many like former president bush failed horribly. Others like Bill Gates didn't even graduate or FaceBook inventor Mark Zuckerburg only got a Bachlor's degree, yet these two people are world renown and contributed hugely to society.
College education isn't what it used to be. Many college graduates say that learn more on their own than what colleges teach. College education is outdated and shouldn't be relied upon as much as its reputation suggests.