Well, I'd have to admit that not every kid excels at something, or is special, including my own. That decision seems like it would need to happen as the child is growing up. If they exhibit signs of being fast learners where the education system is actually slowing them down. Then yes, I'd probably advise them not to go. Or if they want to go, to try their best to get at a top-tier school (i.e. MIT.) Certainly things like Devry and Phoneix university I would consider a joke.

However, if they exhibit signs of being average then I would push them to get a degree. Because at least they'll know how to follow some sort of procedure and get a decent job without really needing to excel beyond their peers.

In reality though, I'm sure it won't be such a black and white problem.