There's also a pertinent article in the recent WTJ by Tim Witmer. He defends the traditional seminary education (which is to be expected, given that it's his job!)
I don't know yet which position I favor. There is something to be said for the pastoral training method. However, as Bruce pointed out, not every pastor is qualified/has the time to do something like that. For most pastors, if they had to train a minister, that trainee would have to shoulder quite a bit of the burden of the ministry. The plus side of that method is that the student gets a much more accurate feel for the ministry. The PCA is wise to require a 1 year internship before ordination. The advantage of the seminary is that learning the hermeneutical tools can happen much more efficiently.