The bulk of the knowledge is not within the university walls anymore.

What universities are good at is communicating knowledge in a formal way. For informal knowledge on any given topic, you have better sources out there.

in the IT field universities represent a trivial amount of knowledge

Right. Mathematics and philosophy is one thing. IT is another.

Where is the most knowledgeable businessman in the world? You think he holds a professorship? I doubt it.

There are probably more masters degrees and Ph.Ds outside of universities than inside.

In 2008? We probably produce 10 times the number of Ph.D.s we need to cover the retiring professors. At least 10 times. Despite the fact that statistics often fail to reflect this fact, I claim that 9 out of 10 Ph.D.s are outside universities.

Maybe some kind of daycare system for young adults...

Oooch!