if we are measuring the success of a system by the few who stand out (by definition, people will stand out without a system, even if that system is absolute and utter crap), then the nonexistent PE classes (at least in my area they were phased out) are doing an amazing job creating professional athletes (just look at all the professional athletes that went to public school!).
That there are people who are exceptional is besides the point. The goal of public education isn't the exceptional, and it's success isn't measured by that metric. The success should be measured by the success of the middle class (not defined by percentile ranks, but rather percent of median income) in both the increase in it's size and the increase in that median income.
On the last two measures, without considering other factors, American public schools have been a failure in the last 30 years. But you may say this metric is unfair because there are so many influences on this measure. I'd agree. The closest we can come is probably college attendance and completion, and the experience of college professors when dealing with foreign educated, privately educated, and public educated students. My discussions with professors and many studies show that they feel as the years go by, students are LESS prepared for college level work. And it is bad enough that remedial classes are now being taught at the college level.
So at least by the local outcome and the global outcome, we are getting worse. On international comparisons, we are really quite miserable and don't only lose out to the intense testing and cram systems of East Asia and India. We are also losing to most of our European counterparts, even those crazy "don't believe in testing and everyone gets a medal for participation" Finns.
Yes I spent 11 years in the public system (only Kindergarten and 1st grade in a private school), and I appreciate it. In fact, some of the most inspiring teachers I ever met were in high school. But I'm not blind to the facts on the ground. I went to an extremely good school, within a system that was very responsive to parental pressure. It took 2 years for the school to go from never considering AP classes to rolling them out across all the high schools because a small cadre of parents asked. The school system is definitely doing worse than it used to on a whole though. And it's unlikely we will have a WW3 to wipe out competition for jobs that bolstered the middle class in the 50s and 60s, so we have to address this.