I'm going to go out on a limb and throw in my two cents. I'm in film school; I don't pay for it, yet, and it's a good program with a [mostly] well rounded theory and application cirriculum. And, it is great for networking. But, moreso than that; perhaps the best benefit of my film school [Temple University] is the equipment office. I can take a class, and use equipment and get 16MM stock and mini DV tapes and HDCams all for free. I can take them out whenever I want, so long as I'm in a production class and cleared for them [meaning I at one point passed a test on their workings] and do whatever I want with them. Nothing beats a free "rental."
Aside from that, I harbor no dillusions about breaking into hollywood; I don't think I'd want to. Same goes for New York. Instead, I just want to learn so I can make films for me. If other people like them, well that's fine, but I know I'll hardly ever be able to pay my bills with my BA. [which isn't to say I don't work professionally, I Grip and PA a couple shows in Philadelphia, which is always nice.] But, you know, none of that matters to me because for the moment I have a fridge full of Kodak and Fuji, a cabiniet full of tape, a couple of lights, a Bolex, and a couple of lights. Life is grand and I can work out the whole notion of "cinematography" both in and out of school. Who knows, maybe I'll get lucky. And in the end, that's what it comes down to in filmmaking, a lot of luck, blood, sweat, and passion. Where and how you bleed and are passionate is mostly inconsequential.