The skills learned from writing something like a compiler or operating system can be applied to any type of software development job and are more valuable than anything on the OP's list.
College isn't a vocational school where you learn X so you can get a job doing exactly X. The idea is to learn a broad range of CS, Mathematics, and general problem solving skills. Doing so will allow you to write any type of software.
You believe that a toy compiler or operating system (which are common in CS curricula) will teach you more about software development than a toy LAMP application?
Could you speculate for me as to the number of job openings for compiler writers as opposed to the number of jobs for web monkeys like me?