I dropped out of high school, took my GED and ACT in the same week, and tried to join the Army... I couldn't get in because of medical reasons, so I tried the University for a few years (English with a focus on Literature). I switched majors to Digital Design, but then left school completely when I got sucked into the dotcom industry. I love to read, and I love to learn, but I'm just not academic... I don't like learning things in a structured environment, and in some cases I felt like I had spent a whole semester studying something that could have easily been compressed into about two intensive weeks. I wound up getting really lucky over the years, as computer geekery was always a hobby, and now I get to do it full time, and I get to practice every genre of the field day to day (LAN/server admin, graphic designer, videographer, photog, web programmer, Flash developer, etc). There's irony in my situation in that as a high school/college dropout, I work for the government in one of the most powerful branches dealing with higher ed... I don't deal with policy or anything, I have my geek niche, but it's still funny to me.
Anyway, school isn't for everyone, but I think everyone should get a chance to try it and know for sure. I've had a number of close friends who I just knew were going to waste their lives, but went on getting Masters degrees in various fields. Before ever attending school, they were worse slackers/troublemakers than me. Hell, even my girl... she dropped out of high school before I did, and she went on to graduate with honors from the top nursing school in the state (toughest 4-year curriculum of any RN program in the south).
On the flip side, I was always expected to be a graduate because I was into learning... it took me going to college to figure out that I can't work under a semester-by-semester routine. I like learning shit on my own time, but I'm also lucky enough to have a career that put portfolios over academic achievement.