I think education is incredibly important, so important in fact that two years ago I chose to educate my daughter myself. Academic results are important, finding out where a child sits on a grade table is not only helpful but beneficial. When you find out what a child already knows, you can start working on what they don't know.
I think education should be well rounded, i don't think (especially at primary school) that only Maths and Literacy make up an education. Geography, history, the sciences. Art, drama, music, physical education. ICT, languages. Everything is a fine oiled machine and most projects incorporate all the subjects you can teach.
I think that, yes, there can often be too much of a focus on exams and the results of those exams. As a home educator I do think that life skills are vital. Learning how to shop, how to manage and use your money, how to plan for the future, how to write a CV, how to cook, just plain logic, creates a well rounded learning experience.
While I teach the national curriculum, I also tailor my daughter's learning experience around her- her age, her aptitude, her likes, her dislikes, what she finds difficult, what she relishes.
Where I think main stream schools fail is on observing and modifying negative behaviour. I also feel (having taught in schools) that some of the more advanced kids get left to their own devises and this can really alter your learning experience and attainment. Priorities seem to have shifted at schools, a lot of things are really based on funding. My priority is to raise a smart, independent, self assured, engaged human being, who is not afraid to ask questions or be herself.