Almost all of what I've learned about writing, I learned after I'd wasted way too many years studying it at university 
The importance of education is to get all that dry background stuff out of the way and give you a foundation to go off and learn how to do things properly on your own -- the mistake too many people make, however, is to assume that their degree means they've finished learning and are qualified to move straight to the top of the craft without any effort whatsoever.
And yes, writing in the pub is a hell of a lot more entertaining. Even if the verse is shite, the craic is worth it.
The importance of education is to get all that dry background stuff out of the way and give you a foundation to go off and learn how to do things properly on your own -- the mistake too many people make, however, is to assume that their degree means they've finished learning and are qualified to move straight to the top of the craft without any effort whatsoever. And yes, writing in the pub is a hell of a lot more entertaining. Even if the verse is shite, the craic is worth it.
It could be worse