It depends on the person. New media is a business, not a club. When half of MIT's classes are leaving to work at internet companies, when kids are being drafted out of high school to program, the idea of a Harvard pedigree is silly. Bill Gates is the role model of the Ivy dropout. Now, I'm not suggesting anyone leave college to make their fortune online.
College is a lot of fun.
The women, the drinking, the waking up at noon. You'd be an idiot to pass that up. The best minds are not the ones endorsed by any school. Hell, the Manhattan Project took bright kids from high school to help make the bomb. Anyone who thinks an Ivy degree makes someone smarter is a fucking idiot.