This paper is based mainly on responses – nearly 300 – to a web-based survey of academic staff in UK higher education. The survey examined their personal and professional values and their views on the values that should underpin higher education. Their perceptions of current reality in terms of national policy and processes and of institutional management expectations, with examples provided of events that disturbed them, raise questions about the longer term health of higher education as it has been understood. The project was seen as a pilot aiming to provoke debate about how well traditional values and standards “fit” with mass levels of higher education provision, and government emphases on the economic role of higher education. The findings are set in a theoretical context drawing on models by Clark (1983), Becher and Kogan (1992) and the author (McNay, 1995, 2005a).