I think the question isn't relevant to the assessment criteria (and that's not a slam at you Mike.)
College isn't about what you learn, it's about learning who you are, discovering things you didn't know about, and growing as a person. It's about learning how to do critical thinking. It's about being able to divine the difference between fact and opinion. It's about being exposed to things like archaeology, Chaucer, the Franco-Prussian War, and the Beatnik movement, because even though you could have picked up books on that stuff, you wouldn't have. It's about going to parties and getting drunk and/or high and getting laid. A lot.
And when you come out, it's not about whether you can recite the periodic table, it's about the person you are.
Now, that's the abstract answer. Matt hit the nail on the head from a practical standpoint. An undergraduate degree is like a union card in the 50's. It opens the door to opportunity and removes a glass ceiling.