The Fine Art of Computer Programming
In the meantime, think about how many computer science departments earned their reputation by writing an important piece of code: MIT's X Window, Athena, and Lisp Machine; CMU's Andrew File System, Mach, and Lycos; Berkeley's Unix; the University of Kansas' Lynx; Columbia's Kermit. Where are those today? What have the universities given us lately? What's the best college for a high school senior who really loves programming but isn't so excited about lambda calculus?
Undergraduate Programming
How about ITT Tech? No, seriously. This reminds me of a rant by a TA in my pre-calculus class in college, when a journalism student questioned why she needed to understand trig... she just wanted to go out and get a job at a newspaper. He responded by telling her that's the difference between a university and a trade school. He should have added that the world doesn't need another under-educated journalist.
More recently than anything on that list, Indiana University's Mosaic, and Google, which was outlined in The Anatomy of a Large-Scale Hypertextual Web Search Engine. But probably the reason Joel wonders what the universities have done lately is that professors tend to work on things that are interesting to them. The thing is, it's certainly possible to pick up a BFA in CS. My degree from UNT is a BA in CS with a minor in Music, which is probably equivalent to what Joel proposed - more like 1/3 music, 1/3 core requirements (English, Political Science, History, etc.), and 1/3 CS.
That said, I took a graduate course in Finite State Autonoma a couple years out of college and felt cheated that I didn't get that course as an undergrad.