I assume this has been asked before, but for those of you old enough, was film school (either graduate or undergraduate) worth it?

The advantages I've heard for going are being able to make your own feature, hearing esteemed lectures, and making contacts. However I've also heard numerous people say it's a waste of money, and that there are other ways of breaking into the industry because even when you graduate it's like starting over at zero.

So for those of you who chose to bypass, are currently attending, planning on attending, or graduated, let me know your thoughts on the whole experience and if you're confident in your decisions.