Based on your experience working in higher education, would you say that the SAT in its current form is as effective a test as the version you took in the 1970's?
My perception is that scores have become more correlated with money spent on test preparation, and less correlated with actual aptitude.
So I don't work directly with the admissions process (I run the public web) but as a parent I see the correlation with money spent. Also I've had conversations with the SAT preparation consultant that we used for both girls and the degree to which preparation classes or one-on-one consultation helps is dramatic at least at her firm. I know this to be true because of the feedback from other parents that we recommended.
The funny thing is that one of the highest correlations with college retention, as compared to just getting admitted, is how the student feels when the visit the campus. If they feel like they will fit it they have a much higher retention rate.
Because of this colleges track visits to their campus for campus tours and some factor that in at least when courting the prospects.
My perception is that scores have become more correlated with money spent on test preparation, and less correlated with actual aptitude.