Murray, he of Bell Curve fame, has two main points in his new book. First, most people are not really capable of developing the critical faculties necessary to succeed in college and to lead society, so we're spending a lot of effort on higher education that could be better spent elsewhere. Second, since most of higher education is about offering a rough first-screen of student knowledge and ability to employers, we should be focused on certifications instead of bachelor's degrees for most students (those who really shouldn't be going to college anyways) and recreating solid liberal arts education for those who do have college-level capacities.
Here's the short version, from the Wall Stree Journal, of Murray's perspective.
http://online.wsj.com/article/SB121858688764535107.html?mod=opinion_main_commentaries
Here are two reviews of this argument, both of which are essentially agreeing with the critique of higher education in the second point while sharply disagreeing with the IQ determinism of the first point.
http://www.insidehighered.com/views/2008/08/21/carey
http://www.insidehighered.com/views/2008/08/21/perry