Having a person sit down with you and walk you through everything one on one is great. Having swathes of useful information available to everyone that's interested and determined is a sure way to create a much more highly educated society at a low cost. And as a bonus, geniuses are more able to hone their gifts so you get more of them.
On this specific topic, I must admit I do believe 1:1 tutoring is overrated. I've taught myself most of what I know, and the rest I learned in a classroom. I have never had one on one tutoring. I may not be representative of the population, but I bet most people don't need near as much tutoring as a tutor would have you believe, they just need access to accurate and well organized information.
An intelligent person who is privately tutored can be performing at a college level or above when they are in their early teens. They can be at a doctoral level when they hit their twenties and then spend the entirety of their most productive years making use of their education. Compare that to our current educational track which has most people achieving their doctorate in their 30s. Performance for the average autodidact would likely be much worse.
Edit: Apologies to user gilleain below who mentioned this first. Should have read a bit more before commenting.