I've yet to meet a teacher that believes existing standardized tests are a fully adequate measure of student performance. And I've yet to meet a business executive that hires (for careers that pay well) based on how well applicants do at rote memorization and linear thinking.
So, how should we spend time in schools and how do we measure student performance?
I've written about Whole Child Education. Still a great site, here.
And here's a three minute video at Edutopia (George Lucas' foundation) on assessment.