14 years ago
Wipe your butt with it.
Nah, seriously, you can teach film, go get a higher degree, or if some job or government qualification requires a B.A., you've got one. As for the degree per se, that's it. That's why some popular film training programs aren't neccesarily academic.
Film school is about much more than that - it's about learning the craft, honing your art, experimenting (read: making mistakes before they cost you your job, an awesome thing!), and above all, networking; the people you meet there will be invaluable contacts and crewmembers once you're out.
Properly answering all your questions would take a book, and that's why I recommend one: Film School Confidential ( http://www.filmschoolconfidential.net ). It was insightful when I was debating these very dilemmas.