The cliche is that training is not important, learning is.
And consequently there is one school of thought that suggests we look at the richest possible learning environments, and then replicate them. For me, that is skunk works, microcosms, new responsibility, access to Internet, Massively Multiplayer Role-Playing Games, etc.
But here's the thing. There is a big difference between learning a lot broadly and learning a given objective really well. Said differently, the focus on, given a learning objective (say, project management), what is the best way of making that happen, is different than saying, given employee A, how do we make sure she is in a rich learning environment.
I am not saying both are not really important. But I am saying that the Training community has at most a two percent ability to directly influence general rich learning environment, and an eighty percent ability/responsibility to accomplish the successful deployment of specific (and hopefully business critical) learning objectives.
If training has fallen as a word, so be it. But if predictably deploying critical skills is no longer our responsibility, than it will soon be someone elses.