I don't think we should lower the bar on our standards for incoming teachers; I believe in subject matter competency testing. However, much of what goes on in "traditional" teacher education programs is complete and total crap and does nothing to prepare a teacher for the realities of the classroom. In fact, much of what is taught is counterproductive.
I support the idea of making it easier for degreed professionals to change careers and become teachers; such people can bring a world of outside-the-classroom knowledge with them that gives them a step on someone who goes straight from high school to college to teaching. The Atlanta Journal-Constitution reports on one such program.