this is THE problem with modern education
We have created machines that deliver information in a kaleidoscope of formats (text, images, animations, video, sound, etc.).
Education is delivering this information to those who want to learn it.
Yet we still spend BILLIONS on constructing buildings for "students" to come to.
And we charge them ungodly amounts (at least in Amerika) for the "privilege".
Everything that schools now do, including the verifications of knowledge by exams, can be done on a computer. Interaction with knowledgable people for questions is simple. Presentations can be MUCH more intuitive with the use of proper multimedia (instead of those static whiteboards). And if you are motivated and can learn a course in three weeks instead of three months, its trivial to test. You can tailor your education precisely. You can learn from the best posted courses anywhere, instead of getting stuck with professors that may know less than you do, and you can use referrals to these "great standards". Exams could actually test knowledge by being more interactive and dynamic.
But here is the problem. Many older people view college less as a learning experience and more of a right-of-passage (hazing anybody?). Just look at some of the above posts. It "shows commitment" (to doing meaningless work). And more importantly, it is a HUGE business. Sure, putting it all online would still be a business endeavor, but look at all the lost jobs in the process (re: the recent west coast dock workers strike). The biggest payoffs would be transferred to the educators that create great multimedia learning programs, and not Principles and Deans and other admins.
Sure, there is still hands on work that needs to be available, particularly in engineering, the sciences, and the arts, but this has been shifting to job training for the last 30 years or so and is more and more becoming easily financeable by the corporations that would employ you.
I feel for you kuphryn. I once dropped out of school for similar reasons to those you posted, but I soon found that I was only "qualified" for a factory job making 8 bucks an hour, even though I had material that could be published in mathematics and physics journals... Finally, I went back and finished up my degree, and even though it is in a completely unrelated field, found it much easier to get a programming job. Ever since I got out of college, though, there is one thing that is for sure. I definitely have more time available now to learn.