@P0LYmath Certifications are overrated as well and just used to get some money out of your pocket. Yes, employers love them, but they are as useful to tell if someone is (not) an idiot as university degrees are.
One of the benefits of being employed by the D.O.D. is that they will pay for our certs with D.O.D. money. All I've had to do was study and take the tests. But I agree with your second point. I just mention Certs because there is much less time/effort required to study and take a few certifications than to get a full degree (especially when alot of those college classes have zero to do with your actual job)
It is always up to the person to make something useful out of the stuff he or she has an opportunity to learn. Some schools are pretty good to provide the foundations. But the best school can't help an idiot.
True, when it comes to learning that's usually on the individual, no amount of hours in school will make you smart, but careful self study will. You don't need college to be good at your job. You need two things: Diligent Self Study and Practical hands on experience.
But some times having those little pieces of paper makes you more marketable and can help put you in places with alot of really smart people that can teach you ALOT of cool shit...