I was in school during '97-'01 and when I got my BSCS our dean gave the CS department a special speech about how messed up it was out there and told us to consider just going back to get our masters degrees. My CS classes had plenty of cheaters and those who used their academic-powers to brute-force memorize enough to get through the course but you knew they didn't truly understand what they were doing. These are the people I think of when I give fizzbuzz(with a twist) in my job-interviews. I had classmates drop out of school because some company gave them 90k salaries and _an actual car_ because they had a webpage at csdepartment.myschool.edu~/studentID - by writing one HTML file, saved it as index.html and put it in the /home/studentID/public_html directory.
I too really don't want to sound elitist, but I've actually seen people get burned by this. I personally really respect the approach http://go.expression.edu/ takes to this. I was at an open-house back in '06, you could feel the energy of the people there. So excited to break into the world of 3D animation and land a job at Pixar or SONY. There were even well-known people from the media scene. I got to talk to one of the developers of Sonic the Hedgehog music team, a Pixar employee was there(Pixar is like a 5min drive from this college) and someone from Industrial Light & Magic(ILM) was there. One of the presenters was very honest about the possibility of job placement. She made it clear to everyone that the chance of landing a dream job is not high at all; that anyone who goes through this program is doing it for personal passion and internal drive. She set expectations properly. Having the skill from classrooms was one thing, but it was up to the individual to really breath life into their skill and it took some luck on who you know to really make it in. e.g., these are the people hoping to make it: http://galleries.cgsociety.org/
I just hope that the students of careerfoundry know that it's one thing to learn coding in school, but it's up to the student to really go the extra-extra mile and learn things on their own.... and a bit of luck as well.