Whilst the educational regime we presently have may 'fail' students in the way you just described, I think that there is still point in studying. Not to sound to pretentious, but I think that we should build meaning for learning ourselves, instead of letting the school curriculum define it. Learning shouldn't be, at any level, getting good grades/marks, and, alas, this is what the current system is pushing us towards. There is a thick margin between actual learning and academic success nowadays, and this is quite sad. We should really learn to view school as something that allows us to understand the world around us better, or to satisfy a personal curiosity about the world. So whilst there isn't really any 'point' in getting that extra 6 - 7 marks, just like there isn't much 'point' in getting a low-40 rather than a 50 in VCE, you should still try to find some interest in your school work, and not see it as some kind of chore or imperative that you must get out of the way for the sake of getting pretty A+s on your report.
My rant for the day.