I want to clarify - I never said anyone that has worked with me was "bad". No way. I hope I don't sound disrespectful saying this, but I love each woman I've hired and has worked with me, and I have no problems teaching them anything they want to learn. But there is a lot of holes I have had to fill because the skills needed to do the type of baking and cake design I do is not taught to those that have come thru my door from culinary school because cake specifically, (to my understanding) it is only briefly touched upon. But I never said they sucked, can't learn, don't want to learn, or are bad.
If you want to be a pastry chef and work for very fancy restaurants or go on Top Chef Just Desserts, then culinary school is totally the way to go. But if you want to open a cake studio and focus on making special occasion cakes, I feel your money would be better served getting a business degree from a regular university and learning the rest from the private teaching circuit and so on.
Or be like me, get none of the above and do it anyway :D