I wanted to expand on Contingent Cassandra's great comment in ELS's "Big Thirsty" (Thanks for the great question and for the thoughtful answer). As Contingent Cassandra noted, what we need more of to make a great university is more TIME.
I could use more, that journal article isn't writing itself dagnabit, but it's my students I worry about. As an undergrad back in the 70s my SLAC went from three classes to four a semester. We thought that was a heavy load and my did we whine about it! My students take five, six, sometimes seven classes at a time! Why? Because school is so damn expensive and because to graduate in four years they have to take five classes a semester. In addition, if they can take summer classes and an overload they can finish in three years and maybe they'll be able to get out of student debt before they retire. Cripes, no wonder they think reading a ten page article is torture, or that reviewing their notes after class is an idealistic fantasy. Add in how many of them work to make money to pay for school and I'm lucky if they think about my class during class, let alone the rest of the day.
I sure didn't sit around mulling over my classes 24/7 when I was an undergrad. I thought about other important things as well: girls, my frat (In Hoc Signo Vinces baby!), girls, that SciFi novel I was reading this week, girls, etc. But I did review my notes, and I did do the readings (I have my marked up copies of the Federalist and the Malleus Maleficarum to prove it still!) and I did try to think about what I learned in class. I wish my students now could do the same. So few people continue to read and think about what they read after college. As a society we suffer for it. How many fewer will do so if they never learned how to in college??