Well, one thing you might learn in a university is effective communication. Like spelling, grammar, punctuation, etc. Y'know, so people don't have to guess at what you might have meant.
Also, while I do believe that it's important not to confuse scholarship with education (what is an intellectual? It's someone who has been educated beyond their intelligence) it's also important to remember that the main point of school is not passing exams. Unless, of course, you're just there for the paper you get at the end. The important thing is that you have access to people and resources you would not have access to outside of that environment. You can avail yourself of that opportunity and learn lots and pass the test, or turn up your nose at it and still pass the test, but I know who I'd trust to know their stuff after the fact.
It is absolutely possible to have a fulfilling and productive life without a degree or formal education, and in many fields self-teaching is a valid way to learn. For instance, sound engineering schools are largely a scam; you cannnot learn to have good ears, and anybody can show you what knob on the board does what. But I am NOT letting some self-taught quack operate on MY knee or my son's messed-up kidney.
All that said, I was hired out of university in the mid-90's (computer science) and have worked in the field ever since, I have quite a few software and technical writing contributions out there on the net and one published book to my name, and I could probably challenge for my degree and in fact could probably teach some courses at a university level.
I know people with degrees from good schools which aren't worth the paper they're written on. I know people with degrees who are absolutely brilliant in their fields and who rightfully earned those degrees. I also know many highly articulate, interesting tradespeople with no interest whatsoever in getting a degree, and more than a few complete boobs who would be complete boobs no matter what papers they had.
It is all down to the individual in question. Broad strokes can always be painted, but they will also miss the mark for a large percentage of the people being so painted.
Torben