I'd say the only advantage academia has is being surrounded by other smart people.
I think you are missing one important advantage: in (good) universities, the environment is set up in such a manner that you can think and experiment all day without being bothered.
This is something I noticed profoundly when I started to work for a company after my PhD: in university there are relatively few distractions - the environment is set up so that you can think and experiment. A company is far more hectic, always has pressing deadlines, etc.
Both have their advantages: in a company there is more frequent gratification and you can leave your work at the door. In academia on the other hand, there is much more time to puzzle until things are really 'right'.
To me, this process started only after I left the safe and controlled environment that is college. Graduation was like someone lifting the veil: I suddenly started seeing with great clarity and had true freedom in terms of what I wanted to pursue learning (as opposed to only the illusion of freedom given in an academic setting).
I'd say the only advantage academia has is being surrounded by other smart people. Especially now that I live in Southern California, where big biceps are seen as more important than a capable mind, I miss the college environment a lot. But that's the only reason.