I wrote the last post with not a huge amount of thought. So I'm going to extend it.
The university system as it is, is not going to be able to remain as it is. Continued funding cuts and alignment with the needs of business is, I suspect, going to result in an educational system that is entirely to focused. So for the formal education system to continue to have value, it going to have to change. This doesn't mean that it has to be done away with, possibly the current system could become part of the core system. Personally, I'd like to see a system where lectures and teaching materials are made free to all - something that I believe the University without conditions would be on board with. Universities providing a separate track for examinations only would mean you wouldn't necessarily have to commit to a full time course or that you could take the course if wanted without sitting for accreditation.
Universities should, I believe, retain their role in blue skies scientific research, as well as remaining the primary focus of humanities research - as much as some on the right might want to believe that all of the humanities research is bollocks (certainly not all), it isn't and it needs to be done somewhere. Scientific research can also be carried out by companies and trusts, formal education is not the be all and end all of education. Which is why I like the idea of graduate students being whisked off for further study as part of their employment rather than necessarily progressing through the PhD system. Especially if the option to round out an education with some of the humanities is available.
Sorry for repeating myself, hope that's a little clearer than the previous post.