Sorry, didn't read the rest of this thread but as someone who dropped out and came back to school (part time), I thought I'd summarize my thoughts:
#1.) I came back because I miss being part of the community that I lived in, mostly. Being a full time AM really isolates you with what's going on (if you're like me and sit at the computer all day). Before this I was involved in a fraternity as well as student government. I thought I'd be able to keep up my contacts in both those institutions but once you're out, you're out, really.
#2.) A degree can't hurt. I'm already more than half way done and I figured I might as well finish it. I will obviously try less as hard as I used to be and I am taking less classes, but at least I won't feel like I've wasted ALL of my time here. And I'm flirting with the idea of paying someone to take classes for me.. now that's outsourcing!
#3.) Party party party.