In Taiwan, the level of prestige/exclusivity of a BS degree has already dropped to the level of an american high-school diploma. All the “smart” kids currently in college over there immediatelly enroll in graduate school upon graduation. I am starting to see a similar trend in the US, especially given the current economic climate.
<b>threemae</b>, I think Richard Feynman said something along those lines concerning humanities types… 
Well, I don’t think my college education hammered home the number of continents. That’s interesting knowledge, and useful for some things, but I hardly think a college education has failed if someone can’t guess the right # of continents.
I think one of the more important things I got from a liberal arts education is how to write for many different audiences. I couldn’t write the same way for biology, economics, and English lit. I had to adjust for the material and the audience. That experience has made my current job much easier.
Sorry, just what this thread needs, a few more pointless anecdotes.
Anyway, I’m a PhD and I’d have to count on my fingers to come up with the number of continents.