Would you say the same of an education that did not come from a western university? What if instead of studying the arts in a school in Kansas, it is my burning life desire to hitchhike around southeast asia for five years. Should I not be "penalized" (read: not be in demand) for making that decision?

This isn't a silly exaggerated hypothetical either. It is exactly what I would have done if I had not valued career prospects so highly nearing the end of highschool.