Check out Michael Bérubé's Humanities Unraveled and Timothy Burke's Late Afternoon of the (Academic) Elites.

So here the debate stands: We need to remake our programs from the ground up to produce teachers and researchers and something elses, but since it is not clear what those something elses might be, we haven't begun to rethink the graduate curriculum accordingly. (Anyway, we're not trained to do that! All we know how to do is to be professors!)

I don't see any sign that academia is reforming itself. The number of exploited workers continues to grow, and unfair elitism has intensified. Tuition keeps rising. I honestly don't know where it's all going. I guess I'm just happy to be watching all this unfold from the outside. 

Relevant: Megan McArdle's American New Mandarins.