Nevertheless, there are still benefits in plenty. Over a lifetime a graduate will still normally earn more than a non-graduate. In 2005 the figure was put at about £150,000 more for a graduate than someone with one or two A levels - less than in the past, but still substantial (though fees and debts have to be deducted.)
And while there may be more graduates then ever before, there are still plenty of jobs - and those often the most interesting ones - where employers will only consider your application if you have at least a first degree.
The main benefit comes from the experience itself. Once you have shown the commitment, intelligence, communication and study skills needed for a degree, you should be able to turn your hand to lots of things. You will also have had the experience of student life, which is well worth it.