crikey, i'm agreeing with elfin... its not just about getting a job. its a valuabe (if expensive) experience - broadens the mind, meet a massive range of people from a huge variety of backgrounds/ethnicities/nationalities, build future contacts, develop interests with those around you who have the same (and different) interests, get a recognisable qualification which, like it or not, is valuable, go boozing, go shagging, become involved politically/socially/charitably etc etc etc etc.
its not for everyone, but i think it should be up to the person to decide. and its up to that person to make the most out of it - noone is going to hold your hand through it all.
in my experience university was fantastic. i did a reasonably interesting degree with a lot of flexibility, i met a lot of great people and, whilst monetarily i am in a precarious position at the moment (working for a start-up), its got me where i am now (the alps), and i'm getting great experience if things do go tits up.
I'm also of the opinion that the whole furore over the new fees is partly bandwagon jumping/ignorance of the new fees system (not necessarily a defect of the individuals, more an effect of widespread hysteria over headline figures). My understanding of the new system is that there will be a large debt, but the repayments will be very small, and a lot of people will never pay it off - it'll get cancelled down the line anyway. its a long-term, low interest, low re-payment loan which a lot of people won't have to pay off fully, unless you reap the rewards of a high paying job.
would i go back to uni? yes. without a doubt. would i also look into getting a trade/vocational training course? yes. definitely. its not the only option out there, but its certainly a great option for the right person - just gotta make the most of it.
[rant over]