It would be great if CS students graduated and emoloyers could plug them in anywhere knowing that they can do their job without anymore training.

There for I think students sould have full on collaboration with high risk companies. Deadlines with serious consequences if they aren't met (i.e bad reviews on your profile). Computer science and programming really needs deep thought and concentration. Being able to work in a team to deal with issues as fast as possible.

These days you don't need to know a lot of theory to get started. Knowing it all helps, but being able to figure it out and then finding beter ways to slove the issues as you progress through becoming a master in your field really burns the knowledge and skill into your being.