One of the things I found out when I took my OW class is that "No one taught me HOW TO DIVE!" They taught me pretty much how not to kill myself, but they didn't teach me how to dive, No fin kicks (standard flutter kick was assumed) No "trim" training, weighting was covered, but not emphasized, as was neutral buoyancy and how to maintain it. I had to pretty much learn all of those things on my own, by diving and asking questions. (and I still am) I was one of those that by the time I went for AOW (after 50 something dives) I had done most of what that course taught. In fact, the instructor knew I have been deep many times before, so he sent me down first, and had me lead the dive to the deeper part (skills on a 65 ft. platform, remainder of dive went to about 90 feet)
I feel as though I'm a COMPETANT diver, but none of that competency came from any of the courses. Maybe the question should be turned around and it should be asked, "What do the agencies expect to accomplish with their education model?" Are they looking to train people to dive, train people just enough so as to not kill themselves, or get people certified so they either continue with their education (i.e. those of us that are hard core about the sport) or get people certified so they can do more than just golf on a vacation?
GRANTED! I've seen some instructors that take the course material as it's given to them, and take the courses further, to MAKE better divers, but by the same token, I've seen classes where the instructors fill out the diver's log books to make sure they get them through. Thankfully, I've been surrounded by people that are serious about diving, and aren't afraid to give me constructive criticism when necessary, it's making ME a better diver. PADI certified me and gave me the license to dive, I learned more because I wanted to learn more.
So to answer the original question? It depends on what you are seeking.