Buying an Education or Buying a Brand?

Once again Seth Godin has hit it on the head. What are we really doing when we put our money into a degree? Are we really bettering our chances as getting a job or promoting ourselves or are we just wasting time that could be better spent working a job and getting real life experience? Due to the fact I'm in an online class at Utah State University, I'm one of many who does believe that a diploma will help me get a better job and possibly a better life but by the time I graduate i will have been in school for 5 years, if I hadn't gone to school what would those 5 years have done for me?