What really needs to change is time spent in undergrad... I think the model in other countries with 6 total years of schooling, undergrad and medical school, is more appropriate. I know some schools have 7 year programs, and almost all of those students are stellar students and have no signs of problems in their medical schooling. I have heard/read about undergrads also looking/going into 3 year programs instead of 4 years...
As for Medical School going to 3 years, it depends on where the cuts come from. It it becomes 1-1.5yrs basic science with no summer vacation (which is 2.5months at my school) and 1.5-2yrs clinical, eliminating some elective time but not all of your advanced clerkships like subinternships, then I think the model could work (I have essentially be taking filler clerkships since November that, while intersting and will help me in residency/future slightly, isn't worth the half of year away from my field).... why are all the posters here assuming that the cut down to 3 years will come from clinical rotations?
Why have pre-med prerequisits if they are just going to reteach the information? Why not make some of the basic science information part of the undergraduate education? In undergrad, I took Molecular Bio, Cell Bio, Physiology, Immunology... all of these overlaps very much with the classes I repeated in medical school... Streamline the whole process and make students only take those courses once.. you can make the MCAT more topical and more consistant with what knowledge is needed for medicine (make it like a Step 0 test instead of a comprehension test... don't test on abnormalities, but on what is normal function, structure, development, etc) and start medical school with Micro, Pathology, Pharmacology instead of Anatomy, etc...
Some cuts can be made clinical years: At my school, our 4th year includes a mandatory 4 week SubI, 4 weeks EM, 2weeks PM&R, and 2 weeks Public Health (3rd year has Ob, Psych, Neuro, FM, IM, Surg, Peds plus 4 weeks elective), and then gives you 26 weeks of electives (10 weeks vacation or time to make up failed clerkships/electives). Cut out the redundancy of requiring FM (since we do outpatient IM, or eliminate outpatient IM) , decrease some elective time and remove any caps from electives (we can only do 16 weeks in any 1 field), and remove some vacation time, and that would cut half a year off the clinical rotations.