From what I have seen a Bachelor's in business is almost as required now a days as a high school diploma to get a foot in the door. But from what I have experienced (and been told by my boss), a MBA isn't worth the paper it's printed on unless its from an Ivy League school (AACSB accreditation doesn't mean anything)
Going to college is indeed a good investment. It's documented that people with a college degree earn more (on average) than those without one. But Pclip's comment may have a point as well.
For those in the hard sciences (docs, engineers, etc.) or law, college and beyond is still a good investment. For business types, it's marginal -- you're probably better off just starting your own business (do a search for "Thiel Fellowship" first).
For liberal arts types, college is a complete waste of time and money. You're better off finding a job you can tolerate and using it to finance self-study in whatever area interests you -- then create something and sell it (business and science types can help out here if needed, and since you won't have $100k worth of student loan debt, you'll probably be able to afford it).
Going to college is a good investment for the colleges. That's why they're in business in the first place, although going there tends to turn the end of your tie up....