[dissenter]

Yes, and let's not forget that a generalized test is still useful at the graduate level, for a variety of reasons. The one that comes to mind when you mention subject tests is that people sometimes switch disciplines. I have several friends who went from math to physics and vice versa. They intended to research problems which are closely related to what they've done in their own department but that just happen to be worked on by professors in the other. Does it make sense to hold a math major up to the standard of a physics major taking the physics subject test? No way---he couldn't possibly compare, even though he may be more ably suited to tackling a problem that's being worked on in the physics department. So having a generalized quantitative/analytical section is helpful in at least this case. If the physics professor looking at your application knows nothing about what his colleague is doing (your intended advisor), at least he has a reasonable indication you aren't a dunce.