A Generation of Standardized Testing.

I view this generations dependence on standardized testing to determine achievement, as a major step in the wrong direction. Each student is going to learn something different from each lesson, and this knowledge isn't going to be reflected in a standardized test, which is sadly about one of two things, either how well you've memorized the random tidbits of information, or how well you can bullshit answers. I've always been good at standardized testing, not because I necessarily know the material, but because I can test well. Most multiple choice questions have two possible answers that can be eliminated almost immediately as incorrect, giving you a 50/50 chance of being right off the bat. Is it really fair to be assessing students on what could be compared to a chance flip of a coin? A student who knows next to nothing on the material has a chance of scoring just as well as a student that has actually put some time into preparing for the test. While a student with an in depth understanding of the abstract concept and it's applications, may not test well due to the stressful nature of these tests. Does this really sound like a good system of measuring achievement?