Competency-Based Education Systems

I wish I could have been there, but I read the evaluations and it sounds like most of you enjoyed the topic and the exercises.  For many of you who were educated in a traditional norm-based, knowledge-centered educational systems, CBE may seem very different and perhaps an unnecessary change in focus.  For example you might ask "What is so wrong with knowing a lot".  The fathers  (and mothers) of CBE would answer that question..."Nothing, as long as you are able to use that knowledge to solve a problem, help a patient, communicate better, etc.  What do you think about the rise of CBE in medical and health science education?