One point that the editorial overlooks is that the percentage of students in a system such as Harvard's that go on to study post-graduate is much higher than in a system such as Monash's! Harvard presumably fosters good learning skills (which presumably includes cultural literacy) so that its alumni can go on to a post graduate degree with a greater aptitude for learning using these skills! I don't see the relevance of 'immediate economic practicability' if a majority (I only know this anecdotally, I have a cousin doing pre-med at Brown) of students go on to do a post-graduate study, which does have economic practicability.
Personally, I am thinking that I want to get into medical imaging and radiology, but I'm not 100% sure yet! So, when weighting my options in preparation for my submission of VTAC preferences, I look at the MBBSat Monash, and the Biomed/science stream at melbourne. As I am not 100% sure that I want to do medicine, I'm definately going to put UoM over Monash because if I change my mind, I can still get a degree without resetting credit! Also, being able to decide if I want to go on to further study after a three year Biomedicine course will come in handy! So, not only does the Melbourne model provide more breadth in its courses, it provides more leverage!