Common standards - what do you think?

Forty-six states have signed on to an agreement to create common academic standards.

I think this is a tremendously positive change and one that is long overdue. In addition to seeming like good common sense to me, it could save states a huge amount of money. It could also be another crack in the travesty of the educational bureaucracy that is wasting money on textbooks that are not serving students' needs.

On the other hand, I understand some people's reluctance to put more money and confidence into yet another bureaucratic process that may not result in meaningful change. (The comments under the Ed Week article on this are an interesting read.)

I'm curious what other Classroom 2.0 members think. Is this a good idea or not?