My personal opinion is that Millennials will be just like any other generation. There will be those who succeed and those who do not.
The entire face of "higher" education is changing and I am not sure where it will end up. Degrees seem to be losing some of their prestige and the kids who are showing up in the work force (in my area - IT) are not as prepared as the previous wave that I have worked with.
With that being said, my son will start Community College this summer. He plans on studying Diesel Engine Mechanics and getting a certificate in that area. He has expressed the desire to NOT get a four year degree. From his perspective the cost does not justify the benefit derived. As his studies progress I will ask him to reexamine those conclusions. He insists that he works to pay for at least part of his tuition and does not want to finish with a large debt load. Some of his friends shared these feelings as well when we have talked about it.