Totally agree. I averaged a 3.0 in college (with a lot of Cs and Fs mixed in with those As), and it hasn't hurt me yet. Meanwhile, it let me do lots of other things that have arguably helped more, like serve as the tech lead on the largest HP fanfic site on the web, or write a course evaluation website for my college that's still in use 3 years after I graduated, or learn a bunch of exotic programming languages or try out a couple sports I would never have thought I'd try, or meet friends (one of whom is now my startup cofounder).

The only thing I regret about my college experience is too much time spent reading UseNet. Everything else - staying up late with friends, trying new activities, learning programming languages - was well worth the drop in GPA that resulted.