I admit that I've been in favor of such tests for my entire career, but now having reading both Gladwell and Murray arguing against the SAT and in favor of GPA and achievement tests, I'm starting to change my mind.
http://american.com/archive/2007/july-august-magazine-contents/abolish-the-sat
http://www.gladwell.com/2001/2001_12_17_a_kaplan.htm