I graduated from uni in 2007 after doing a 4 year masters course. I agree it is equally about gaining life experience away from home as well as learning your chosen course.
I like to think I chose a sensible degree at a good uni that had good job prospects. I'm on a decent wage and my job is secure at the moment. Many of my mates who went to uni (mostly to Solent, which was too close to home for my liking) did obscure courses and now find themselves in fairly boring, not particularly well paid jobs. I would suggest choosing a broad subject that covers several occupations that you might be interested in, then specialise within that subject in the later uni years. Doing a specific course, for example, 'Disaster Management' or 'football studies' kinda limits your options.
And yes, I am now one of those people that says 'bloody students' whenever I see sick on the street or when there are too many of them about, crossing roads without giving a toss...
... I certainly miss the perks. Council tax is pretty rubbish.