College stations have generally been a mix of people. Some were there just because they wanted to hear their own voice on the air, and thought that it would impress somebody that they were "interested" in. Some were there because they were really into music, and wanted to share their "discoveries" with others. Some were seriously interested in getting into radio, either into news or music programming. Those people tended to bring experience as part-timers at local stations with them, and generally pushed their shows toward a more commercial sound. It was/is a good place to get some experience and sharpen your skills.
All of this is predicated on management that will allow creative people room to stretch their wings on the air. I know of several schools who had a carrier-current station and an FM. The carrier current was for real newbies, or those who wanted to do radio that didn't fit the format of the FM. The FM was for more polished acts, or sometimes was the college town's NPR outlet with relatively little local programming, or programming provided by local professionals with little opportunity for student input.
Nowdays, the opportunity to stream on the Internet has often replaced carrier-current because it's easier to maintain and cheaper.
So, there's still a small "farm system" for professional radio, but fewer "graduates" are interested in trying to make a living in radio. The pay sucks, respect from either management or peers is hard to come by, and job security is non-existent.
The way things are going, I fully expect that we'll be seeing a new thread soon:
"Live Mid-day People"
That airshift seems to be going the way of overnights - syndication.