Its a long read, but it raises some good points:
http://online.wsj.com/article/SB121623686919059307.html(Just watch the video if you don't want to read the whole thing.)
My feeling is that years ago, college degrees were rare and therefore worth a lot. Nowadays everyone has one so their value dropped. Having a bachelor's degree doesn't make you stand out anymore... it just makes you stay in the running.