I'm someone that formal education really worked for, insofar as I was able to make awesome grades. But the restrictions on what I had to learn to be "well rounded" vs what I wanted to learn was ridiculous. College in its current form did not work well for me-- over 40k in debt and no degree (and the degree I would've gotten had I stayed would not have been worth what I had already racked up, much less the additional costs). I don't think it works well for anyone that isn't already independently wealthy or riding on their parents' wallets.
Anti-college activism: The growing movement against the 4-year degree via AlJazeera America