Though I will be the first to eliminate standardized tests in education, things are never that simple. Research indicates that the combination of GPA and SAT scores ("Psychometric exam" and graduation scores) can predict the individual's performance at the university more than GPA alone or SAT alone. Personal interviews present a whole new set of problems for a part of the population (starting with biases and concluding with shy, inarticulate or repressed students), and other common methods are considered in the literature to be less reliable (the European "academic lottery", the failing "admit all" policy that was even tested in Israel and caused severe competition, or the American system where students register fictitiously to as many clubs as possible during high school, to present an impressive resume with their SAT scores - and I could go on and on here). Being fully aware of the problems posed by standardized tests is desired, but without an alternative, the discussion is futile. A real solution will have to surface from higher education institutions, and unfortunately I myself have no suggestions.

That's what I meant by "admit all policy". The method was tried in the Legal BA studies at Tel Aviv University - open admissions for the first year, and then admitting the best students to the second year according to available space. The study never culminated, since it caused the students to act in a dangerously competitive manner to one another. (I apologize for not having the suitable reference.)

Research indicates that the combination of GPA and SAT scores ("Psychometric exam" and graduation scores) can predict the individual's performance at the university more than GPA alone or SAT alone.

Beller Michal (1994), "Psychometric and Social Issues in Admissions to Israeli Universities", in EDUCATIONAL MEASUREMENT: ISSUES AND PRACTICE, 13, p. 12-20

Mr. Nir - you will find in the article the specific prediction numbers for SAT alone vs. SAT+GPA (0.54 vs. 0.62).
Mr. Rabinovich - Christopher Hurn in his famous book "The limits and possibilities of schooling" (1985), answers the question of the "good doctor", and concludes that college grades do not predict either occupational status or future earnings.
Let me stress the point again: I was playing devil's advocate, and personally I would run naked in the streets the day all standardized tests will be abolished.

Do not confuse standards with standardized tests ("Standartim" vs. "Bagruyot"). The former is a necessity; the latter is the focus of this discussion. I admit that the English terms may be a bit confusing. And of course, "standardized tests" do not include bar exams etc., but in this discussion relate only to the high school population.