The problem with the whole "age limit" idea is that, basically, it's pointless. Stern seems to talk about how guys need to go to college for a little bit, and this and that, and everyone gives vague answers, but none of them really make sense.
I mean, I'm all for going to a dorm, getting lots of free food, having several naked women show up at their door each night, and playing basketball while having tutors do most of my work outside of the game - but these kids can do that in the NBA, and actually get paid to do it!
Unless the NBA ups the rookie age limit to 23, so that every player not only goes to college, but also graduates, an age limit isn't going to do anything. Because, if a player who has the talent to play basketball in the League at 18 but has to wait until he's 20, he'll go to college for 2 years and enter the draft after his Sophomore year. But what do you think he'll be doing for those 2 years in college? He most likely won't be focusing on his studies, because he has no intention of graduating and knows that, baring any bad injuries, he is going to be financially set for the rest of his life. If that player had an intention to graduate with a Major, he would have to complete the classes - lower and upper levels - that are necessary to do so. However, if you're only going to be in class for 2 years, you can take the easiest classes at the easiest school in the University, concentrate mostly on basketball and girls and partying, get whatever GPA is necessary to maintain NCAA eligability, and coast by in school. It's a question of motivation. It is possible that they will want to learn in college just for the sake of bettering themselves intellectually, but if that was the case, they'd go to college anyway before entering the draft, and the NBA age limit wouldn't apply.
Moreover, it is true that some players come out of high school and can't make it in the NBA. Not everyone can be Lebron James or Kobe Bryant. Hell, not everyone can be Deshawn Stevenson. Nevertheless, the percentage of players who are successful coming out of high school is actually much higher than that of players coming out of college. Who were the players picked before and after Kobe Bryant was picked by Charlotte? Kwame Brown has been a disappointment, but he's had a relatively succesful NBA career. The idea that being a little bit older will help players be more successful in the League is absurd.
I disagree with O'neal's idea that this is somehow fueled by racism, although I do understand that white guys don't really come straight from high school, and saying that kids aren't old enough to live in the real world could possibly have something to do with the idea that it's not young kids who can't make it, but that young BLACK kids can't make it. However, I disagree with that. I seriously doubt that David Stern is a racist.