I agree with a majority of the comments you have received so far.
I have 12 years of experience in the Pulp & Paper industry, I have a BSME, my PE. This June I will graduate with my MSME in Mechanics. In that time I can say that I have used every bit of my education and then some. Work is, like school, what you get out of it is directly related to what you put into it. College only brushed the surface of all the classes that I have taken. College proves that I have the ability to learn. By far, the majority of the things I have learned have been on the job and out in the field. I have always asked for the opinion of others when it comes to design & solving problems. It's amazing the things that you can learn from the shop guys on how to make better designs. Education & Experience go hand & hand, but I would rather have the experience people around me if I had to choose.
I too, have had the experience of starting out doing code calculations by hand, board drawings, doing things the old-fashion way, then learning the ins and outs of the P.C. spreadsheets, engineering software applications such as Pressure Vessel Design, CAD, FEA, and now learning the Parametric Design rope.
In this down-sizing engineering world, I feel that engineering and the methods of getting it from your brain onto a sheet of paper so someone or something can manufacture it, are becoming automated, but still require the attention to detail and the "Reality Checks" that real experience brings to the table. Garbage into the P.C. equals (Garbage out)^2. The computer is a great tool, it gives engineers the ability to solve more difficult problems, even problems we don't understand (a Bad thing), but people need the ability to recognize when the computer is lying to them. You will be successful in any direction you go in if you, "like the Machinist", keep your tools sharp. ie. Keep learning whether it's higher education, a college tech class, a training course, talking with the shop/field guys that have to deal with what you design, or listening to the guy that's been sitting in the same seat doing it for 35 years......believe me, they have a valuable contribution, whether it's the way to do things, or the way not to do it, it will save you latter on. Good Luck.