I love being a college professor. Primarily, I love the opportunity that it affords me to influence growth. There are, however, many things that I do not love about our education system. Mainly, how students are increasingly becoming nothing more than clients in a business transaction. Get a loan, get a degree. Getting an education is optional.
While I can't say that college is not worth it, I will say that I understand and appreciate the argument by those who choose to have it. It's very compelling.
Yes, there are many pros and cons, but at the end of the day, those very pros and cons are subjective. If you focus on the (rising) cost of a college education, that conversation become less subjective and more factual; however, those facts can also be modified by a host of other variables which will not render it a black and white issue. The bottom line is this: more and more students view college degrees as a means to an end.
Richard Vedder's aricle, which appeared in Inside Higher Ed, is the most intelligent article written on the subject of college not being worth it, that I've seen in years (and yes, I read all of the educational journals). Read it here for yourself.