Here is my two cents:
I imagine that the first step toward becoming a research mathematician is to learn everything there is to know in a given field. You study and study up until the point where you're caught up with your peers, and then you can join them in collectively staring into the gaping darkness of what is yet to be discovered.
I have no knowledge of how research mathematics works, so I cannot pass judgement on whether a university is or is not a fostering environment for PhD's who are doing their work of illuminating the darkness.
However, I do have experience as an undergrad, as well as experience as an independent learner. From this I can say that a university is an awful place to get a pre-research education. In my experience universities tend teach in ways that makes their own functioning smoother, and they either don't care or are just blind to how their practices harm their students.
The the university structure I say:
I won't waste my brain power and cortisol on your tests just to prove to you that I know what I know. I'll decide when I feel comfortable with my current material, and I'll decide when I'm ready to move forward. If I ever move forward into new material too soon then it will be immediately obvious to me, and in response I can just take a step back and pick up my old material again. Learning often goes like that, you go forward into new material and then back again to cover patches in old material; in this area your ridged one-way course structure completely fails to accommodate.
I won't have you telling me which books to read. I like my copy of "Vector Calculus" by Marsden & Tromba better than any of the trash calculus books you've ever thrown at me. I prefer "University Physics" over Halliday & Resnick, and I can't find any reason why I should submit to your book selections. Researching and selecting a good textbook to purchase for a new subject is a ritual I much enjoy, and one that you completely destroy.
If my linear algebra textbook has 20 questions which all repeat the same matrix manipulations over and over, then I'll be the one deciding how many I do before I feel comfortable and stop. I won't have you telling me I need to do all 20, thanks very much.
If I'm going to pay you $40,000 per year for an education then I will be deciding what I read, I will be assigning my own daily work, and you will be at my every beck and call whenever I have questions (which will be very often). But you want me to pay you $40,000 for the "privilege" of being told what to do with every waking hour of my study time? Ha! Are you kidding me?
If I get into a really good grove with a difficult math problem then I'm not going to stop working on it because you want me to hand in a lab report by tomorrow. My immediate educational desires are more important than your artificial deadlines, so go away and let me study. I do very much enjoy chemistry, but it can wait; and likewise when I find myself especially motivated for the chemistry, the math can wait.
I will never set an alarm and wake up under-rested for any of your silly mandatory activities. Alarms and sleeplessness are for the working world, where real life external pressures sometimes necessitate just being awake regardless of being tired. Sleep and learning, however, must always go hand in hand. Any system that asks me to loose sleep in the name of education is broken, and every one of your programs which claims to be doable without sleep loss is either lying or is of dubious rigor.
Back to the books,
-Victor