For a few months I mucked about, went to parties, chased girls, cycled.... it was awesome.
When I went to university I knew I had to start working hard again and I got a First and won a year prize and went on to do post-grad research work - although I did leave in the final year of my PhD to co-found a startup because I had realised that I didn't want to work in academia.
Both teachers at school and my PhD supervisor told me I'd regret my decisions - and I haven't and it's nearly 30 years since I left high school and 17 years since I dropped my PhD work.
It was still some of the best years of my life and would recommend anyone to go, but I dont think a thirst for university prescribed knowledge is the only valid reason to go.
Plus there is all the stuff I have to keep on top of professionally as a programmer, which is an inexaustable and ever growing list of often arbitrary methods and technologies.
As for university, turns out I disliked it almost as much as I disliked school, so I dropped out and went into industry for a while.
Dropped out of that too for ages as I got bored of all the corporate nonsense, although I have been back into it in the past few years to try and raise some cold hard cash for a few projects I've got going.
Am considering going back to university at some point however, as I wouldn't mind doing either nanotechnology or neurology and most of the equipment involved in those is out of my current price range.
To be honest though, most of my heroes are dead philosophers of one form or another, so I am pretty happy with a roof, food, clean clothes, regular showers, access to the internet and a large pile of books.
Besides, in my experience the majority of people at university aren't there because they want to learn, but rather because they are expected to go by their parents. The people who are there purely for the pursuit of knowledge and without being pushed are the exception rather than the rule.