The theory needs a massive overhaul. Most of it is irrelevant crap.
Another thing I think is a waste is the strong emphasis on going solo ASAP, and as a part of that the obscession with flying loads of circuits. Circuits are a very high workload activity and not a lot sinks in; the student just sweats like hell and goes brain-dead after half an hour. A short flight and a landing/T&G is more effective.
The flight test should have a requirement, like the FAA has, to demonstrate competence on all installed avionics.