It is HE, rather than FE. Could certainly use a good shake-up.
I went, and have an MSc as well as an MA. My dh has barely an O-Level to his name (he is old, I was in the first year of GCSEers) because he was too ill to take them whilst at school. Despite that he has out-earnt me significantly to date, hence my scepticism about the value of degrees.
I would like ds to go if he has something he would like to study, but I would also like him to be streetwise enough to perceive the market value of whatever degree he is studying. That way he can decide for himself if it's worth four years messing about studying stuff like I did - and I don't really regret it now - or if he wants to follow his dad and his uncle (a brickie) into employment at a younger age.
What annoys me more is schools like mine, who banged the drum of "you must go to uni" to the point where there was a hierarchy of students: those going to Oxbridge at the top, then other universities, then the polys. If you left at 16, they couldn't give a monkeys, and so my bro missed out on some valuable opportunities in FE because no-one told us they existed. What REALLY annoys me is that this school gets excellent marks in its OFSTED inspections, whereas for me, a school which can only fulfil the ambitions of its most able students is failing.