Competency-based college degrees can help students better gain the skills needed to enter a competitive workforce. Competency-based learning focuses on teaching students specific skills instead of abstract knowledge. In this current economy it is better to have a specific skill than to have a general education because the majority of jobs require knowledge of a specific skill.
Competency based programs are designed by active competitors within the workforce. These experts are either in the workforce and have direct hiring power, or have recently been active in the market. This keeps the content relevant to an evolving market. Students are then armed with the most current and beneficial skills that the market demands.
I guess it really depends on what kind of skill you are pushing for, there are some that shouldn't be done this way and other that it would benefit greatly. I think the difference should be clear cut, and the college is going to have to decide which way to approach each subject.
I do not think that a competency-based college degree can help students gain the sills needed to enter a competitive workforce. While it can help some people, since everybody is different, for the most part, I see it as something that is going to be useless in terms of gaining an advantage in the workforce.