It depends on the skills the individual would want to acquire. If it's for a career to become a director, film school isn't such an important requirement because there many directors who became successful without it. But then again, people have different capabilities so if you're serious then go for it.
I think it's worth it because of the contacts you'll create and the networking you can do. Plus, you'll get to play around with expensive equipment that you probably can't afford on your own when you're first starting out.
It would be worth going to a film school especially if the students will be diverse. I agree that many things can be learned from the internet but being able to interact with other people's ideas make a huge difference.
Film school will have a lot to offer when it comes to gaining experience, exposure, and creating networks for future plans. The lessons may come as secondary to what will be acquired here since as you said there are many things that can be learned from the internet now. Although this may pretty much be the worthy option for people who have a clear interest in this field.
You have all spoken my mind. Being in the company of other photographers will equip you with newer skills and better ideas. When you bring like-minded people together, they can tap into each other's creativity!