No one here will be surprised, but I support publicly funded higher education, I think along with publicly funded healthcare, it strengthens a workforce to become more efficient, and capable.
That being said, in our country, with our corruption, imbalances, and fear of regulation, it simply won't work. If Obama wanted this to actually pass, he would have brought it up during his first couple years, when Democrats had complete power. Instead, this comes off a political maneuver, something to just rally with "look, Republicans don't support education".
I will say, since almost all middle class jobs these days require a Bachelor's, getting kids a "free" (yes, I know taxes pay for this, and I'm ok with it) first couple years will be a big help to easing the burden of student loans. At least until University's respond by increasing prices exponentially. Which is where regulations would need to come in, and that's an impossible battle.