It depends entirely on the field you plan to study and the availability of jobs where you're living. One of the biggest impacts the recession has had has been that recent college graduates are unable to find work. Employers these days are looking for experience in addition to education.
I'm not so sure about that. I was unemployed for 16 months and the most common thing I was told by recruiters was that I was overqualified.
Which was true in a lot of cases, but there were hardly any openings anywhere at my level...so I applied for jobs a step below too. I didn't care - I just wanted a job. But the recruiters told me time and again to not expect much from the employers...because they'd see that I was overqualified and eliminate me from the pool, based on the premise that I'd leave for something better and more challenging as soon as the economy improved.
Which was also true. But the economy down in GA has yet to 'improve'...and if any of those people had hired me, they'd have had my skill set for almost 2 years (and still counting) at a bargain price.
Finally, I gave up and moved back to Anchorage, where CPAs with strong skills are always in demand. But if I had stayed down in Atlanta, I'd no doubt still be looking for a frakkin' job. And I had international accounting firms and Fortune 500 companies on my resume.
So it's not just the college kids who are having a hard time.
I think the best experience level for this market is someone with about 2-5 years of experience. They can be left unsupervised most of the time...but are not so good that the boss would grow insecure over their own job and whether the new guy could outshine them.
As to the OP's original question, education is never a bad thing. It's true that 'everyone' has a bachelor's degree these days...which only makes it that much more essential to have one. Because unless you plan on doing manual labor or a job that requires you to ask "Do you want fries with that?" 300 times a day, your competition for pretty much any job WILL have that bachelor's degree. Which means, you lose.