Replacing AYP? UPDATED

Among the conversations surrounding the reauthorization of the Elementary and Secondary Education Act (ESEA, or, last time it was reauthorized, No Child Left Behind) is that of Adequate Yearly Progress (or, yes, AYP).
Secretary Duncan has indicated the possibility of replacing AYP, which has numerous problems, with a rubric on "career and college readiness."

Under the plan, adequate yearly progress, or AYP—the accountability vehicle at the heart of the current version of the law, the 8-year-old No Child Left Behind Act—would be replaced with a new metric that would measure student progress toward readiness for college or a career.

The ins and outs of this--including questions surrounding how one measures such a thing--are well covered in Ed Week.

UPDATE: And here are some good suggestions from Sam Chaltain.