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When I graduated with my bachelor’s (in 89, after my last child started school) I didn’t feel particularly prepared to do much with my major, however I had worked in the field, so I had some practical experience. When I went back later (1998) to get my teaching cert, I didn’t think that there was much in the classes they required that were more than busy work. I did learn something in the curriculum class about putting lesson plans together, but I suspect I could have learned that in a few weeks on the job with the help of other teachers.
It’s not that I think everything you learn is useless, I just think that college doesn’t really prepare you for particular jobs (for the most part). I’m a big proponent of vocational training—teaching kids to do meaningful work. I think they could graduate from high school with real job skills. But, then again, that would kill much of the industry that is the University Industrial Complex! ;)