In response to skfriese, I can at least say that I've had some "real world" experience in developing courseware for large clients, as I was responsible for all aspects of training development for a $1B military helicopter project.

Where training needs are clear and measurable, like flying, fighting and fixing an aircraft, the systems approach to training and reusible content objects make sense. It's the same aircraft system, whether you are a pilot, flight engineer, avionics or aviation technician. Digital content, in terms of schematics, diagrams and systems explanations can be used by each occupational group. For example, using the same fuel drain sequence diagram for both technicians and aircrew just made sense. But the learning and performance needs of each group, and individuals within these groups, are different.

SCORM and other efforts to standardise "learning" object repositories still miss the bottom of the learning iceberg; the context. Yes, you will be able to shift massive amounts of courseware (what a friend of mine refers to as shovelware) from one LMS to another, but again I ask - where is the evidence that this has made a difference in learning? Content is only the tip of that iceberg.