NFL teams have freak athletes - LBs that are huge and fast. Most college teams don't have that luxury - their LBs are either big or fast. For the non-Alabamas of the college football world, I favor the 4-3. It just makes sense to have more big, strong guys on the line, rather than trying to blitz a smaller, weaker LB.
Not all four-man pass rushes are created equal. 4 down linemen > 3 linemen and 1 LB