I definitely think college is worth it for most degrees that have risk or you cannot demonstrate experience or skills based off actual proof.
But let me go into depth.
I believe for example, college is, and should be a requirement to be a doctor. Doctors have risk and need proof of some form of learning.
As a doctor, if a customer asks you for proof about previous "work", you cannot grab one of your clients and ask them to discuss their issue and how you helped resolve it with them (at least 99% of the time).
In relation to jobs such as Web Developer, Server Admin, Business, etc... I think there is no necessarily a requirement for college. You can display your testimonials and work on-demand, and there is no risk provided within the job (unless you are managing sensitive data, or data which cannot be destroyed (which you are not going to get with any level of college degree without experience anyways)).
With the startup industries we have today (which continue to grow) and inventions like Bitcoin which allow for innovation and adoption on all levels with no exclusion of people without college degrees, I think having no college degree is worth something to look at.
In my opinion, I think every teenager looking to go into university or college should look into depth at their current standing situation. Most college and university students are funnelled through college not because they need college or university, but because they believe they need college or university (promoted via ads or parents). I have to admit, the level and demonstration of marketing and promotion from the universities and colleges over the decades is remarkable. They made people believe they need proof of "knowledge and skills" from a corporate entity (most of the time).
In most cases I find people believe you cannot get anywhere in life without a college degree. "You're going to be working at McDonalds for the rest of your life".
With facts taken from
http://facts.randomhistory.com/millionaires-facts.html and other websites (can source if required), around 20% of millionaries and billionaires don't have college/university degrees. I cannot find the article but I explicitly found an article ( I think on Forbes or something) that said a large population of the 1% of the 1% don't have degrees either (Bill Gates for example). Now I know anyone can go on the fact that "These are small cases, and do not happen a lot". My point is simple, if a person feels they can succeed, don't stunt that with your own beliefs. There is no age requirement for college (as far as I know) and you can go at any time. Let the person look into their own mind and make their OWN decision, not yours.
TL;DR: Do I think College is worth it... Yes, but only if...
1. The person is willing and doesn't have a sense of urge or motivation to "try it out on his/her own".
2. The degree is worth it in terms of the specific job.
I'm sorry, but with the unemployment rate standing today... It won't be your college degree or diploma that gets you the job much longer, it will be your motivation and enthusiasm about the job you want to posses -- so why can't people who are extremely motivated and have enthusiasm with no degree gets jobs again?...
For the record, I went to college, dropped out. I am trying without, if not - I shall make the responsible and personal decision on college or no college again.