I think it will force people to realise that you can get something decent without a piece of paper showing that you can jump through hoops.
Many of my friends are finding that their degrees are worthless. A lot of them still do bar work, one to several years after they've finished their degree, one still works in a retail shop. I, however, have two interviews lined up, for two different, pretty damn good careers, and I failed my course. And I will get one of those jobs because I'll show I can do the work, whereas Uni focuses more on theory work, which means sweet FA.
I took a software engineering course. Very little of it actually had anything to do with software development. And the little bit that did was either pure theory, or it was using outdated and/or useless methods/software.
My final year project required me to create a piece of software, and write a thesis on it. The software itself was only worth a measly 10% of that module. So I showed off an industry standard piece of software that did everything it was supposed to. One of my friends played around in XNA, and made a little "game" that just dropped blocks wherever was chosen on the screen. He got a higher mark, even though his software did practically nothing, all because the University couldn't give a **** if people can actually make software or not.
I know I'm ranting, but I'm hoping that, through this, some people realise that University is often a joke. People just do it now because it's the done thing - to stay in education as long as possible. Some people do it because of their expectations of the lifestyle - get free money, and get ****-faced practically every night. I went because I thought it would further my career, and that I'd learn valuable information from it. I didn't. And now I'm getting interviews for job offers because I'm self-taught in the stuff that matters.
Also, I have to ask, but what do people expect to get from degrees such as art? They seem pretty damn useless to me. Maybe I'm missing something...