The other side of the argument:
I recently graduated this year only to find myself completely unprepared for employment. In many cases my lectures were simply an exercise in staying awake whilst lecturer read Wikipedia articles out from a big screen, or had pasted them into slides with the links still in from years ago, some lecturers were not fluent in English, and at one point there was 800 students for a 30 computer lab. I found cheating in exams and coursework was rife and I considered quitting university because of poor support and apathetic staff who closed ranks and penalised grades when concerns were raised. I even had an angry head of department yell at my parents( ! ) from china after i raised a concern about teaching continuity.
Most of the people who graduated with me had no clue about computers and some were simply unable to read or write in English at all. I felt utterly cheated by a system i thought would teach me the skills i needed but took my money, frustrated me with useless projects like having 6 months to make a house in second life, and then printed me a useless piece of paper at the end.
Thankfully when that rather expensive piece of paper got me an interview i was able to show that i could do more than just drool and mash the keys with my face.