While college programs focus on job skills, there's something to be said about the theoretical background a university education offers. After all, it's much easier to be confident in your actions when it comes time to get on your feet if you've been provided with courses of procedures and best practices. A four-year program gives you time to spend semesters learning that theory in a classroom before going out into the field.
That "going out into the field" thing is important, though, and is the major advantage of a program based in a college. Toronto-based institutions like Centennial College treat their education as a dry run of the actual job a student will be doing upon completion of the program, and so aim to simulate the work they'll be doing as directly as possible. For example, Centennial's computer-related degree programs give their students access to laboratories featuring the technology they'll use in their jobs, including VoIP, cellular networks, and wireless broadband.
Another advantage from the fact that this program is held at college: Instead of being a general education, these degree programs are designed to put you into a specific career, or even a specific job. You've certainly heard jokes about university students taking english, or liberal arts, or some sort of general education, and how it supposedly doesn't lead to a career. While that's not really true (it's how the student applies what they learn), these college programs do have the advantage of pointing you towards a specific career, and teaching skills applicable to that.
Really, that's the truth of college education: Skills training for an actual career. Higher education is excellent, but at the end of the program, you still need a career and money to carry on with your life. Between the skills college gives you, and the professionals you'll network with, you'll be well on the way to starting advancing up whatever corporate ladder you want to climb. And because a degree program spread out over four years, you don't have to sacrifice that theoretical base that university is known for. In a way, degree programs are the best of both worlds, and offer students looking for employment a uniquely blended learning experience.