Well, since you didn't graduate, you are missing an important part of college. As others have mentioned, this may be a problem later in life. I would agree with your main point.
Also, I am not sure how you could go to college for 4 years (my comp sci * maths courses were 3 years), and not graduate?
Some colleges have longer plans of study. My school (Georgia Institute of Technology) was ~120 semester-based credit hours, and if you took 17-18 credit hours a semester you could graduate in 4 years. After freshman or sophomore year you really didn't take more than 13-16, which automatically puts you on a 5 year plan. That's also assuming you didn't fail any courses, which was extremely possible in some programs of study. Aerospace Engineering was a 5-6 year major for most, and it wasn't uncommon to see 7th year Aerospace majors.
Also, I am not sure how you could go to college for 4 years (my comp sci * maths courses were 3 years), and not graduate?