Thank you, robespierre, for the best laugh I've had all week. Endorphin rush. Much appreciated. (To be honest, though, I cannot agree with regard to my university peers. Highschool, a definite yes.)
J.

I think it depends on where you went to school and what type of tour they are offering. DD (current grad school student - ND) can't wait until she is working and can go with her school (MIT undergrad) to the Galapagos. She wants the tour to be on a scientific level (led and lectured by MIT profs/scientists) and knows that any other MIT alums will be expecting the same level of information. Since a tour is the only way you can visit Galapagos, she can't imagine going on one that won't be as scientific or have particpants that aren't as interested (MIT freshman are allowed to pick their English and she picked Darwin and Design).

We're headed to Italy in October and staying in mostly 1-2 star hotels and nice agriturismos(all in good areas with en suite bathrooms), and here's how we compare over any given 8-day period in our trip:

$640 /pp for 8 days of lodging
$832 /pp for 8 days of meals
$400 /pp for transportation (approx.)

$1,872 per person total

Granted that's based on double occupancy and no paid guides, but it's still pretty cheap.

You said cost wasn't the only factor, though, so $500/pp more isn't actually that much to ask if other factors are really important to you (e.g. time saved in planning, comfort, having an Italian-speaking guide, etc.). If it looks good, I say go for it (assuming you like the people at your school... I can't stand the people at mine). :-)

If all the people on tour have in common is that they attended the same university (earning anything from a PhD in Ancient Art History in 1957 to a Bachelor of Computer Engineering in 2005) then you are either in for the time of your life or an extreme disappointment.

Also bear in mind that your university likely isn't the entity producing the tour, notwithstanding that the tour is being marketed to the alumni. One would like to think one's university wouldn't lend its name to anything they hadn't vetted beforehand. Perhaps you should talk to the office at your alma mater that is promoting these tours.

The alumni trips we have taken were created by the college and had their own professors accompanying us and giving daily lectures. The professors also gave us access to places we would never have gone due to their inside network of contacts in their area of study.The higher costs covered the professors travel expenses and were worth every penny.As mentioned by other posters, there was a bond with other alums which added to the positive experience.