From a New York Times article yesterday:

“The LSAT has its problems, but it at least provides schools with a way to compare students who come from different undergraduate schools who pursue very different courses of study that are subject to different degrees of grade inflation,” Mr. Korobkin said in an email.

Seems quite right to me. Of course, according to the Times, he’s the dean at “U.C.L.A.,” so maybe they’re not actually quoting the UCLA dean. (Plus wouldn’t the U.C.L.A. dean only know about the L.S.A.T.?)