The Importanse of a College Education

Interesting article that questions the value of a college education:

http://www.newson6.com/Global/story.asp?S=13862205 

Key finding:

A study of more than 2,300 undergraduates found 45 percent of students show no significant improvement in the key measures of critical thinking, complex reasoning and writing by the end of their sophomore years. 

Several other similar statistics but this one seems particularly troubling:

Subsequent research found students one year out of college are not faring well: One-third moved back home, and 10 percent were unemployed.

I've had plenty of debates with friends about the value of a four year education versus entering the workforce directly out of high school or getting a two year vocational certificate (in IT or another field).  My stance has been that the perceived value of an undergraduate degree often seems to be somewhat overstated, so I guess I'm not overly surprised by these numbers.

What's your opinion of this study?