I was largely self-taught for about 8 years, but then began taking private lessons and studied contemporary music composition in school.
Yes, aural learning is the most important thing I've learned, but I'll be damned if my professor's didn't all think so too. Most of them were of the mind that transcription is the single most effective learning tool for a a musician, that nothing, absolutely nothing beats listening to other people's music and trying to figure it out.
So, I would say that yeah, aural learning and self-teaching is great, but that having SOME sort of experience guide you through that process is better, at least for most people.
honestly, the largest portion of what I learned in college was not in class, it was talking to professors, it was independent study, it was just being around a body of people, all of whom had some band, some record, some text, some tome of interesting knowledge to recommend.
And, let's be honest. Learning music theory (and I mean REALLY learning it, getting into all the detailed, nitty-gritty advanced stuff), is a huge step up in terms of exploring music. If nothing else, it's a great way to force yourself to explore new sounds that you may elsewise never have encountered.
I don't actually recommend the college route, i just did that because my parents were convinced that all my family's hardships stem from not having degrees. (And I never quiiiite finished up my last few credits and graduated, heh.)
BUT, I do recommend as highly as possible connecting yourself with experienced musicians, if not as formal teachers, than at least as friendly knowledge sources.
It's amazing when you spend 7 months trying to figure out some musical concept on your own, and then some guy with 40 years experience says, "Oh, that's quartal harmony, it's really simple and commonly used," and suddenly it all makes sense. Then you kick yourself for not having asked sooner.
So yeah, self-teach if you like, it a great way to learn, but don't forget that, for millenia, music has been taught carefully from teacher to student.
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