I can't comment on this myself but i can give my opinion on the situation my bruv is in.
He is just coming to the end of his third year studying photojournalism. And what i have seen so far is that it is far less practical based and plenty of theory, don't get me wrong, you need the theory but you also need the practical, real world ability to survive when you graduate (or not) and are unleashed into society.
Now Im not sayin by brothers work is under par by any means, he's rather quite good but it seems to me that if he only shot what Was required by uni then his practical ability would be poor. And lookin at some of his fellow students this is a common occurrence. I have been to every exhibition he's had work Im since he was doing his art foundation course and you can defiantly see the split between the workers and the ones who try to justify what they have done with an essay describing the "torment and transgression of the soul" or some bunkum along those lines, when the work is shoddy and uninspired.
But what it will offer is the opportunity to create a network, have access to top equipment including dark rooms and print rooms. I don't think its a waste of time and this day and age i would rather spend three years in university to ride out the storm of recession than try and build a business in a recession.