As some one pointed out in the comments, everyone is different. Sure, college may be broken, but I certainly don't regret going to college. I then went to grad school (for ECE) and now I am in school for an MPA (nonprofit studies).

I do not think Peter Thiel is encouraging people to crap on colleges. It all boils down to an individual - people going to college and those that don't - both can make a difference.

As much as I admire entrepreneurs, facebook and myspace do not solve pressing problems (disease, hunger etc). Sure, we admire the founders because they made it, but money is not the end all. I'd be scared to live in a world full of entrepreneurs :).