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I took the LPC before getting a training contract so my academic studies in effect finished before my day to day practical experience started. That said, in those circumstances, I found it invaluable. The hardest thing I have ever learned within my career in law is the transition from black and white examples in a classroom, to the entirely grey examples that the working world endlessly throws at you. Now, did the LPC totally prepare me for that? No, not at all. But that said, neither did 2 years on the job experience. I was probably 5 years qualified before the endless answers in the grey didn't scare me. But for all that, in many ways, it prepared me for practising law a whole lot better than the straight academic studies did. Almost never do I look back to the acts and cases I learned back at law school (occasional contract and land law queries notwithstanding). So how useful was that? Well it taught me how to research and it taught me how to answer questions - but could on the job experience have taught me that just as well - well actually, probably yes.
So speaking from the perspective of my own experience only, the actual law I learned hasn't been that useful to me. But how to use the law to advise my client - that's been invaluable.
So while I'm happy to consider any change to training that results in better solicitors, or equally good solicitors via more accessible means, I'm not sure this change gives us either.