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I think we may be forgetting that there are many levels to the academic process. If you're talking about a bachelor's degree in pretty much any field then sure the person will be in the "just enough knowledge to be dangerous" territory.
For graduate level work you're pretty much required to be as hands-on as possible. So it's the best of both worlds there ... you have a panel of learned people who have all gone through the process guiding you in your area of expertise while at the same time you're actually doing work in the field. At least you would hope. Graduates do a lot of grunt work in the very beginning of their careers.
Technicals schools also use a hands on approach--but you probably won't find a tech. school with an international studies program.
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