I have vivid memories of story time when I was their age. I can even remember some of the stories our teacher read. Dr Doolittle was one of my favourites, long before the film was ever thought of.
I could go on to discuss the shortcomings in other subjects but Sir Ken Robinson tells it much better than I do so go along and have a listen. As I said, it's only 20 minutes and when you've heard what he has to say do pop back and make a comment. I'd be interested to hear your views on the subject.