I guess it depends on what you want out of the test; if you want something meritocratic, what we find is that testing ends up reinforcing existing social strata more often than not, because wealth often correlates to factors like quality of education, which in turn correlate to test scores. A stupid rich person will always be stupid, but a smart rich person will probably have access to better schools, private tutoring, and test preparation resources.

So there's the challenge that the anti-testing/testing reform crowd wants to solve: how do you call testing meritocratic when the equality of opportunity isn't there? And are we ok with that?