I think what we can agree upon is that people need to have something upon whuch to fall back. I do speak from the perspective of academic universities, and not for getting a degree for the sake of it - there are really many going into higher education who should not be there, though I must quickly say that there are also some very academic and highly respected departments in some former-polys.
Redsnail is right: uni does not suit everyone, and with the case in point from WWW, clearly the MA route pays. I do however worry that some academic people may be missing the boat by making the a decision not to go to university, and surely everyone must do the best that they can in their own individual situation.
If you plan to bum about while trying to save for longer than a gap year period, and not embarking on something that could be a second career if you lose your licence or temporary fallback during unemployment, 'idiocy' would be the most appropriate word.