What Should Be Done About Standardized Tests?

Stephen Dubner:

What should be done about the quality and quantity of standardized testing in U.S. schools? We touched on the subject in Freakonomics, but only insofar as the introduction of high-stakes testing altered the incentives at play — including the incentives for some teachers, who were found to cheat in order to cover up the poor performance of their students (which, obviously, also indicates the poor performance of the teachers).
Personally, I used to love taking standardized tests. To me, they represented the big ballgame that you spent all season preparing for, practicing for; they were easily my strongest incentive for paying attention during the school year. I realize, however, that this may not be a common view. Tests have increasingly come to be seen as a ritualized burden that encourages rote learning at the expense of good thinking.
So what should be done? We gathered a group of testing afficionados — W. James Popham, Robert Zemsky, Thomas Toch, Monty Neill, and Gaston Caperton — and put to them the following questions:

Should there be less standardized testing in the current school system, or more? Should all schools, including colleges, institute exit exams?