I can't see how dropping finals is a good idea in academia. Sure you'll have occasional classes where large projects are submitted in the place of finals. But for the vast majority of classes, (especially lectures) finals serve a very useful purpose. They force students to reflect on all components of the class and to see how they fit together. And obviously one can't do that until the end of the course. I remember many times during my undergraduate years learning a great deal in preparation for the final exam. Not so much specific details but in recognizing "the big picture" of the course. By eliminating finals, Harvard is robbing its students of this important process (though I'm sure the students are thrilled at having to do less work).