Given that the well of institutional knowledge has been poisoned by political dogmatism, it is now clear that University no longer serves as an effective litmus test to filter out brainlets from roles they would be unworthy of.
Furthermore, universities have become for profit institutions influenced by market dynamics and propped up by massive government-backed debt. Education has never been free, in fact even the sophists of Ancient Greece charged their students fees; however, there is an obvious disconnect between the post-WWII ideal of education and the current reality of it.
Let us also take into account the worrying trends of hyper-elitism where the world's top universities mostly serve as leisure resorts for the wealthy elite and temple grounds for sacred cows.

The internet, on the other hand, provides an effective, efficient alternative to education. No longer is knowledge locked away behind closed doors or hidden in the dusty corridors of narrow minds. An amazing treasure trove of information is at hand, accessible within seconds, available to all who would care to know, free now and forever.

The only arguments I find in support of universities is that they support practical study and provide social capital, that is they provide a physical space where thoughts may be exchanged and developed. I concede that the first argument is valid, but the second can be criticized: perhaps the greatest invention of the 21st century found its beginnings in an early internet cypherpunk mailing list.

What does /sci/ think? What will become of Universities?