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Most of the time people calculate it as if all the current cost were just transferred to the state.

But of course in reality, when universities were free in the past they weren't allowed to just raise their prices to whatever they felt like charging, as they basically do now.

I'd be interested in that too. There are countries which implement it effectively.

It depends on how many people you let go to college.

it may cost more than just dollars and cents. I worry that the adage of "you get what you pay for" may start to apply.

I don't know if there are many countries with fully subsidized college but there are at least a few who don't seem to see any worse outcomes than the US's existing partial subsidization by loans and grants.

those countries typically also have entrance requirements to college that would not sit well with the US, which values the perception of egalitarianism.

Many students aren't getting what they pay for now. Better to be debt free.