This article discusses an interesting issue. I realize that most of us won't face this particular question for a while!
http://www.nytimes.com/2012/12/02/fashion/saying-no-to-college.html
Here's another article (that was published before the NY Times piece): http://www.thedailybeast.com/newsweek/2012/09/09/megan-mcardle-on-the-coming-burst-of-the-college-bubble.html
Is going to college likely to be a non-negotiable for your LO(s)?