It's not only the rate that universities succeed at, but what they're even accomplishing when they succeed...
I bounce back and forth between the idea at times, but my personal experiences have me leaning more and more towards having more specialized higher education anyway. I know they do in some places, but it tends not to be the norm in America.
Essentially this would involve getting rid of much of the gen ed courses from degree requirements. I think having exposure to all those fields in high school is good and something that should be kept, but it is somewhat repetitive by the time the students are in university. Degree programs should have fairly specific goals, too -- if 99% of the jobs in chemistry require a BS degree in Chemistry, then that is the goal in and of itself. You can still have the, shall we say, less employable degree programs around, but students should be made perfectly well aware at the beginning that grad school should be in their future.
Having a chemist who is well-rounded in western philosophy, Hemingway, and the British Protectorate -> Restoration is nice, and I genuinely do rate it as a positive thing... but I'm not at all surprised to find out that much of the time these courses are definitely a waste. The chemistry student will go on to get his or her BS, which is enough to qualify for the job openings in the field. They get their job and -- for almost every individual case -- college was, at that very point, a success... no matter if they ever really learned how to critically analyze anything.
It sounds a bit backwards, I suppose, when considering the history of education (of which I freely admit I only know broad basics). It's just that college is a means to an end for 99.9% of students, and a lot of these vague notions of college turning out more well-rounded, sharper people does not fit in with that goal. I suppose there's nothing against having the broad degree programs for the rich folk who don't need a degree to carry on the family business or whatever, a la the Grand Tours of old, but the two concepts just seem so out of touch now.
It gets especially fun when I realize that in my personal current situation, gen ed courses are costing me close to $10,000 (not even counting opportunity cost) for this degree I'm earning now... money I may not even have to finish as financial aid tells me the government won't lend me anymore by my last semester.
Let me tell you just how much my current economics class is not worth $2500. Oh god the teaching down to a ridiculously low common denominator in that class...