The OP got the hilarity started off by asking the question and then referencing having TV, a computer, and a car as the hallmarks of the quality life. Boy that was funny. Not saying these are bad inventions - they certainly allow us to do new types of things, but in general they don't really increase quality of life at all. For those of you talking about oh the great conveniences of modern life make life so wonderful, think about it for a moment. Would you say your happiest and greatest times were sitting in front of a screen? Probably not. God I hope not! Probably the are mostly forgettable.
And obviously if you become seriously ill living in the modern world would be better because you are many times more likely to survive now than a King would then. Most people are just mentioning medicine. Since the question is would each of us personally rather be the college grad or the King, I can say for myself that I'm a healthy adult and have never seriously been ill. Meaning my life has never been in danger if not for modern medicine. So as compelling as the whole modern health appeal is, and while most likely I would die younger as the King than as the college grad, better than not chances I've got at least a few decades to live as King.
So, which would I rather be, a King who can travel and do as he pleases, or a college grad working 9 to 5 with short breaks in-between called weekends in which I get to go and do as I please. Yeah I'll take the Kingdom, thanks. As I attend the finest festivals and feasts and celebrations, converse with the most interesting people in my Kingdom at my choosing, travel in grand caravans with my friends and family and servants, have my pick of the women, freely travel around my Kingdom and any Kingdoms of my allies receiving great respect and admiration (whether honest or acted) wherever I go, and enjoy the other perks of royalty I can tell you one thing I wouldn't be doing: wishing I was sitting in my room watching hours of TV or staring at a computer screen or driving a car around. Case closed.