I get asked this question a fair amount. Usually I'lll tell kids to stay the hell away from engineering school. Take the money you'd spend, buy some gear, and learn on your own. At least you won't have time limits or have to share it with 30 other people.
Recording schools are in the business of selling bullshit. As mentioned before, they will not get you a job when you graduate. Not recording bands, anyway.
I know what you're talking about Oz but I really have to disagree quite a bit. You can get contacts from school and don't forget about the internship -period. If I wouldn't have went to the school I'm in right now, I'd never be writing this post from the biggest and oldest studio from Finland, Finnvox. They've done stuff like HIM, Nightwish and a million other big projects.
My intership period here is from August 15th - January 14th. I can use the studios whenever they're free to record, mix and what not. Till now I've recorded 2 demos of my bands and now I'm recording an EP for a band that has liked my stuff I've done with my own bands.
School can help you get to places you couldn't go before . No way I could've gotten in to this place without my school.
If you like to know more about Finnvox go to www.finnvox.fi