A lot of you are emphasizing the importance of college as a series of classes rather than the entire experience of college. What is most important as some of you have stated, is how one chooses his course through college. Obviously, partying all day/night is one way to go, but there are certain institutions that this is more likely to happen and certain institutions that you can more easily build a highly-motivated/dedicated friend group. A difference in environments goes a long way into shaping individuals.
Secondly, I can say that I have a bunch of friends doing Harvard/Stanford/MIT/etc JD/PhD/MD, and that I'm certain it would have been harder to find friends of "this caliber" had I gone to a state school. Of course, it takes a certain type of person to appreciate this value, though this appreciation is something that can also be developed.
Lastly, a lot of stronger college friendships are made during the first few years of college when everybody is living together. I would not have my future kids go to CC and then a regular college if I am able to pay for their four years or if they can pay for the four years without incurring a significant amount of debt.