My main criticism of the VCE is really one that, I imagine, would be common to all national examination systems: namely, that students simply learn how to answer exam questions, rather than learn the content on which they are being examined. The former does not imply the latter, yet surely it is real, sustained learning that is the goal of the VCE itself.
I personally found this to be a bigger problem in the physical sciences and mathematics - my chemistry teacher would often only explain how to spot the right MC answer, not why it was indeed correct - but I imagine it occurs also in humanities-style subjects that can be
bluffed with a formulaic essay and the use of certain "trigger words."
My secondary criticism is that there is a disturbing number of subjects that seem to rely on rote memorisation, and don't teach interdisciplinary skills. The rote thing isn't really a problem per se - language learning is basically a memory exercise - but often these subjects require little or no critical thinking on the part of the student, and are only self-contained "bubbles" of meaningless information that have no interdisciplinary "links". Can anyone really say that business management challenged their reasoning skills, made them more knowledgeable about the world, or even merely served as a pre-req for further commerce studies? Not so much, I'm guessing.