You wouldn't get the sights and sounds of a campus, personal contact with professors, or beer-soaked frat parties, but you'd end up with the knowledge you need and the degree to prove it."
Personally speaking, it is this sort of thing that I think is as much a part of University as the education itself. Generally speaking, campus grounds always have a great atmosphere, your Professors are usually decent people, and pretty much at no other time will you be able to drink and party so hard with so little consequence in your life. Cutting that out would IMO, be a big loss for young students.