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I'll make the counterargument, although I don't feel... by FL_Irish
...particularly strongly either way.
1. It is true that research has generally shown that high school GPA is a better predictor of college success than SAT/ACT. However, the same research has also typically shown that "GPA + SAT/ACT" is a better predictor of college success than GPA alone.
2. While there are potential equity concerns with relying on SAT/ACT scores given the potential for expensive private tutoring to boost results, the potential for wealth to distort the admissions process under a "holistic approach" is even greater. Case in point - one of my colleagues was recently raving about an undergraduate who had attended annual meetings of the American Economic Association while still in high school. This showed "drive, intellectual curiousity, etc., etc." You know what else it showed? Parents with enough money to fly him around the country to attend meetings as an extracurricular activity.
Particularly if one's argument is that the SAT/ACT should be gotten rid of because it favors the privileged, be careful what you wish for because a holistic approach is even easier for the rich and well-connected to game. They're the ones in a position to help their kids pile up the independent research opportunities, unique social service projects, etc. that can be difficult for admissions committees not to gravitate towards.