I have to come back to this discussion (given that I started it)!
Reading the comments I think there is some agreement that qualifications have been 'dumbed down' (for want of a better term). This raises serious consequences for the future and several contributors have mentioned some of the problems already being encounted as a result of present day education.
IMO education is no longer valued for its own sake any more. I hear colleagues regularly complaining that sixth formers have approached them saying that they need a certain grade in that subject and what is the minimum amount of work they need to do to achieve this! This raises the question about how much work those individuals will be prepared to do once they get to university, given the pressure on lecturers to award higher degree passes than the work actually merits!
We know that plagiarism is rife - hence the reason why course work is being adapted and/or scrapped. We see plagiarism and atrocious grammar, punctuation, and spelling at both under and post-graduate level and we have degree courses which, previously, ran for three years now including a "foundation" year (basically teaching the students things they should have learned at school). I have had undergraduates who have absolutely no idea how to write an essay or do independent research despite being awarded As and Bs at 'A' level!
I also despair at the number of so-called degrees being offered today! Since when was Tourism and Leisure an academic discipline? When did The Beatles warrant their very own MA course?
We need to accept that not every child is academic just as not every child can play Premier League football or become a world famous fashion model. Sadly far too many pupils are being led to believe that they can do any of these things (viz the motley collection of cliches and platitudes that are now plastered on school corridors).
It seems we are are setting up a generation to be mightily disappointed and, in many respects, ill-equipped to cope with the problems that life will throw at them.