But, you're right, it does solve a little less than half the cost. Which is awesome! If you wanted to go to a nice restaurant and could buy a Groupon that would let you get $100 of food for $55, that would be a great deal, despite it not being free.
So yeah, they are cheaper but not all of them necessarily offer the same discount your anecdote provides.
In the end people really only look what you list on your resume - not the first x years, but where you graduated from and how well you did at the end.
2) Opportunities at CC's are limited compared to even non-flagship state universities (no research, etc), although you can of course still get other opportunities at other local universities.
3) You're effectively tied to your state school. I'm lucky that NC has one well-regarded flagship, but not everybody wants to go to their state school anyway. Higher level coursework won't transfer to private universities.
4) My early college program limited what coursework we could take, so I still need 2.5-4 years to graduate with a CS degree from my state school even with significant credit which negates the cost advantage in my case.
5) The peer group can be hit or miss. With that said, there were __many__ very intelligent and hardworking people in my classes.
With all that said, some people can still make the best of it. My school graduated their first Harvard admit this year (but then again, he might have been legacy). We've had 2 Duke admits, 1 Cornell - the rest go to UNC or lower ranked schools like myself.
Doing it again I would have probably gone to my state's boarding school instead.
I'd wager the odds are quite good that life will be a more positive experience in the next 150 years than in the period of "dawn of mankind" - 1900.