Currently I am entering my Fourth semester in Film School. So I was going over a lot of the same questions you are now. Did I make the right decision? Time will only tell, but yea, I'm positive I did.
When I was first looking for film schools, the name mattered more to me than anything else. But than I asked, whats the real purpose of a film school? For me its to gain contacts, learn the fundamentals, and film as much as possible.
Most film schools UCLA, NYU, USC you don't even touch a camera before your junior year, sometimes you can even make it through film school without ever shooting your own movie.
Here's a quick lesson, Film School is nice, but it's not necessary, Defiantly a big help. The first real film set I was on, Adventureland, (I'm an extra) I was talking to a PA, he has a degree in Econ and wanted to try film and liked it. Never having gone to a film school, you can still get in the business.
Of everything I have heard from my professors in film, You are the one who determines whether you make it or not. If you are making the best original films out there you will get the job no matter where you came from. You and your films are your product to sell.
After much research I am currently attending Point Park University on the above philosophy. It is a relatively unknown School for film, but its name is quickly growing.
Why I choose Point Park
1. The best program out there in my opinion. I am growing as a filmmaker more and more throughout every semester. This is mostly attributed to all the hands on experience I am receiving. I made three short films for class my second semester.
2. I'm actually majoring in Cinema and Digital Arts where, in my opinion, is where the industry is going. Especially with THE RED ONE. Real Film will consume your budget. Where as shooting on HD, I have a P2 card where I can transfer straight from the Camera to Final Cut and keep shooting at only the cost of the P2 card.
3. I get to live in a city attending a smal University, roughly 3,500 students.
4. It is the cheapest film school I found.
A quick summary of all that
Pros of attending a highly regarded film school : Good reputation, network with alumni, Proffessors are probably really well-known
Cons: Cost, Not your regular college experience, lack of hands-on experience
For me, the Cons heavily out-weigh the Pros. With technology ever improving, Hollywood is quickly dying. The internet will be the way to go. Learn on the technology that works with the internet the best, and your a head of the game.
As of right now, I couldn't feel more confident with my choice. Here are some films made by the students I regard as some of the best the school has seen. It may give you some insight on the potential, Point Park has to offer.
http://www.youtube.com/watch?v=IG_ZYxpBEzg
http://www.youtube.com/watch?v=XRpYvgcNuzw&feature=related
http://www.youtube.com/watch?v=h7bNbvYs0DE
http://www.youtube.com/watch?v=EIdeojM1GXw&feature=channel_page
Here is my Third Semester Big film
http://www.youtube.com/watch?v=VVyqDs8-sxQ
*EDIT I hope this helps. Understand I am currently a student, and have yet "made it" into the business, so I could be wrong on all accounts and really be fucking myself over. However, I am confident I made the right choice. I have every tool at my hands to make great films, it's now down to whether or not I have the original creativity needed to truly "make it" in film making.