>>593031
Near all those points apply to the "college church" movement (http://collegiatechurchnetwork.com/churches/find-a-church/ and similar)
They can* displace young people from real churches and put them into some baseless individualistic evangelicalism, teaching them that every opinion and personal interpretation has basically the same value and then once they are out of college they're ready to join a megachurch.
I would say, pros of Bible college:
- Some actual study of Biblical text, in a structured setting.
- A number of Christians around you
Cons:
- Christianity indistinguishable from culture, might make you get tired of it
- Compromise of doctrine to keep all kinds of evangelicals happy
Note that more conservative Bible colleges will encourage you to find a real church nearby for Sunday mornings, but if the choice is between saving money, going to a state school, and getting a car (allowing you to actually go to a church that teaches doctrine you find acceptable), and going to Bible college, it is not quite an easy decision.
* perhaps I am just bitter about my personal experience though