So while you do learn less in the first year than the other two, it still has a lot of value, because you learn how to learn and many other personal skills which are critical for university and later life.
Example: I had 2 dorm friends with 1600 SAT scores that wasted their life away that first year because they already knew the material (like most of us). They got cocky and promptly got a 1.0 the next year when they finally had to work but didn't realize it, losing their scholarships. Freshman year is the best time to pump students with work because they are expecting/wanting a challenge. The first year should be about inspiring students to learn, not teaching them how to deal with insane amounts of free time.
It takes a very long time to become awesome at something, so I'd suggest you start now while you have plenty of spare time.
It's difficult to strike a balance between not boring the brightest and losing the less bright completely.
University isn't supposed to be merely a continuation of secondary education.
Though I do agree that there is a case that too many people are going to university these days. But maybe that's just because I have a degree so I want to create scarcity!
1.) A part of it is also that one should choose the university one attends carefully - if that's possible. I went to a pure tech school my first year. There was no concern about wasted time in nonessential classes. We jumped right into the mix, taking what was relevant to our majors along with the typical foundational classes - chemistry, calculus and physics.