Cutting Summer Break?

I've heard varying reasons on why there is traditionally no school in the US in the summer: it was too hot in the schools before AC, we were a agrarian nation and had to go work in the fields in the summers, and so on... so the debate is coming up again now about summer breaks.

In high school I worked in the summer at a part time job that I ended up holding through most of my high school years. In hind sight I think I learned as much in that job at a clothing store as I did in any high school class, and I usually have liked working with high school students now that I've been in the position to hire them. Their learning curve is steep and they catch on quickly if you, as the employer, can make it interesting for them. So, do I think summer break for high school students is important? Yes. I do. And not just for a "break" or taking time off. What do you think?

But... (you knew this was coming, didn't you?) I don't know how I feel about the college version of that. Certainly I understand taking the summers to work full time to make money for your next year of classes. But I don't know too many people who did that. I knew an awful lot of students who worked part time over the summer and just generally took time off. So in college, when you're paying for everything sometimes on your own for the first time, I wonder about the logic of always taking summers off. This comes up because some schools (many career schools and now some "traditional" schools as well) are looking at a 3 year option for 4 year degrees. (Article: http://www.newsweek.com/id/218183)

The advantages, as I see it, is that you A) get done that much quicker and either start grad school earlier or get into the workforce sooner, thus making more overall money. You will also save on whatever housing fees and other college expenses of that entire last year if you can get it done in three years. I should clarify: This isn't to say that there would be fewer classes, just by skipping the 3 summers and taking the 3 academic quarters that would make the senior year over the course of those 3 summers the 4 year degree is done in 3 years. This also functions on the assumption that the student would complete the degree in 4 years and is not on the 6 year plan. :)

I'm not sure- what do you think?

Oh, and disclosure: I don't like the reasoning "I just need a break during college"... you don't really get breaks like that in the so called "real world"... so notwithstanding that reason what pros or cons do you see for 3 year degrees taking over 4 years?