I'm in no way making the claim that someone can't be a very very good programmer without college, the best programmer I've ever met left college after 1.5 years, but there's a very real risk of having holes. Some of these holes, despite what people might like to believe, simply aren't going to be filled in the future.
A few holes I've seen in the awesome unschooled programmers I've worked with:
1) Inability to finish. This is a biggy.
2) Deficiency in the "science" part of Computer Science (Algorithms and Theory)
3) A lack of knowledge where the "Liberal Arts" are concerned.
(And Others)
Maybe all of these things aren't important and maybe some of them can be learned later. However, I think people who skip college will be less likely to spend the time and energy necessary to learn these things (In the same way people who put off school for a job are less likely to attend school).
It also seems that the Theory needs to be paired with the Liberal Arts and the competent programmer in order to make a really exceptional programmer.
All that said, I think this backlash is really just the front end of a massive paradigm shift in the way the western world views / does education so we'll just have to wait and see.
EDIT: It seem that leaving college early could be indicative of either a) Already getting everything you could out of it or b) an inability to finish.