The answer is yes and maybe?  College graduates do earn more over the course of their life, but is that due to their work ethics and smarts or is it because of a college degree?  

On thing that I find interesting is a lot of the problems the article points out are absent at my school Brigham Young University.  We are the Princeton Reviews Number 1 Stone Cold School for like 11 years running or something.  We we will go to parties just as much.  They just involve food and crazy games versus liquid courage.  

So read the article and make your conclusion.  I think that college helps a lot.  You learn to live on your own, you make tons of great connections, and learn how to learn.