1. Not at all. Economic predictions indicate that more and more available employment will require post-secondary education. It's not the best time to get a college degree, but it is the worst time to NOT get a college degree. Not to mention the fact that the so called "professional" degrees such as law and medicine require a BA as a starter.
2. There is no indication a college degree is worthless.
3. Education will surely have to change, but probably not as much as you would wish it to.