Finland is currently ranked top in the world for education. Finnish kids spend fewer hours in school, and are assigned less homework than almost any other nation in the top 40. Both homework and standardized testing are discouraged and rarely used in Finland. I think the typical Finnish child takes on standardized test in their school career, at age 16.
Finland also has the smallest gap between their lowest achieving students and the highest achievers.
South Korea came in second on the last round of testing (those two nations tend to go ask and forth in who is first or second BTW). They take the exact opposite approach and push huge amounts of time in school (though, even then a large part of the "school" hours Korean students put in are at private tutoring places outside of the normal school hours. They really push homework and outside studying, leaving virtually no time for outside interests.
Personally, if the two extremes tend to have similar results, I would rather take the, let's create well rounded people, have less stressful school experiences, and not focus on testing route

BTW--the thing both Finland and South Korea have in common is that both countries recruit the best of the best from among college students to beocme their teachers.
While I am not a proponent of overlaoding students with homework, I think it is downright silly to want the teachers to NOT teach so taht the kids can get the work done in class