I did a 2yr Illustration course in 2002/2003, which was invaluable. I could certainly draw before I did the course, and I did come out of it feeling like they could have taught us more of somethings and less of others (like web design over bloody printmaking! grrr!), but on the whole it was brilliant. It taught me some tricks of the trade and gave me the confidence to sell myself. ;~D

That said, I have to admit I have learned far more about digital painting (something my course barely touched on) from the art community online. This may have just been the competitive nature of the group I went through with, but I've also found the online art community far more willing to share ideas and skills.
:~)