Here's how lead author Richard Vedder summarized the report's findings in an essay for Minding the Campus:
We have created a Potemkin Village -a few truly good universities that come close to meeting the former academic standards, but a vaster melange of institutions that are often neither "higher" nor even "education" in the classical sense, particularly since the typical student spends less than 30 hours a week on academics. Bottom line: too many people go to college.
This study presents more detailed analysis of the data we have discussed previously, here as well as over at the Chronicle of Higher Education's "Innovations blog (here and here).
The full version of the study is available for free download from our website (in pdf format). In the future we look to do even more detailed and sophisticated analyses of these data.