I believe pg was referring to college, and grad school not high school. Few people can argue that dropping out of PhD school to start a start-up was a bad move for Larry Page & Sergey Brin.
Yea... for Larry, Sergey and Bill Gates it turned out really well. For the rest? Must not have turned out well since we haven't even heard of them.
Further, in all the examples I can think of they dropped out because they already had a company going or at least had a really strong idea for a company. That's pretty different than dropping out hoping you'll come up with something.
Ok, I should have said "must not have turned out as well". But would they have done better if they would have stuck with their PhD?
My point is just, if you're going to drop out of (any) school you better make sure you have a really good plan because it's a big deal. You're leaving some real advantages on the table so you better be able to justify it.