College is a good environment to learn theoretical computer science and to be in a research environment. If you intend to go into research either at university or in a big company, college is a must. To be around other bright CS students, professors, on a campus where there are is always some exciting project going on, it is an excellent place to be, especially if you come from a background which didn't give you such exposure in high school. At a job, you will not have the opportunity to invest all your time on arcane algorithms or data structures, or in any subject for that matter which doesn't directly involve your job. This is a pro or a con depending on where you want to go with your life/career.

If you want to work at a social media start-up working with hot web technologies, or already have a foot in the door in the tech industry, then college probably isn't very useful for you.