I’ve seen lots of articles arguing for this. I hate it. And just imagine what Texas’ legislature could dream up if they worked more than four months every two years! (I think the US Congress might benefit from such a system.)
But Confessions of a College Dean has a greart article on this and why it is useless.
Community colleges, like mine, won’t have to test.
Flagship schools, like UT, will do well regardless.
There are many articulate arguments at Confessions. Go read them.