Here's my two cents.
• College is NOT for everyone.
I used to think it was, but school just isn't for everyone. I went to college and failed within two semesters. I then went to a two year technical school and passed with a 4.0, top of my class. I'm a designer, so while my education was important, my portfolio is what was key.
• It's who you know
Now, especially depending on your field, getting a good job is impossible. Getting a good first job is dependent however on who you know, as is most in life. Having a degree is going to get you a better job, but there are thousands of college grads just like you trying to get that same job. So knowing someone is crucial to getting a good start. I was lucky to know someone and get a start. Now I can get a great job almost anywhere I want at a high salary competing against those who have a four year degree verses my two year technical school degree. The difference is my portfolio. In other words:
• If you're really good at what you do, then degree be darned
FOR THE MOST PART. Mind you, someone has to see that you're really good at what you do first, hence knowing someone for that first job. But yeah, if you're the best at what you do (once again depending on the field), most employeres won't even care about whre you went to school. Heck, some of the best designers I know never even went to school, they're self taught.
Other then that, my experience has also showed me (once again, in my field at least):
• No one cares about your SAT scores.
• Community college will teach you the exact same things a private college will.
• Aiming too high for your first job is usually most people's down fall. Everyone has to be a nobody before they can become a somebody.
• No school ever teaches you any real information for your job. All the really important stuff for my field, I learned at work. School barely covered the bottom line simplistic basics.
• Nothing is more stressful in adult life then finals.