@bodangles I wasn’t aware that one could only take the SAT, MCAT, LSAT and so forth only once. Back when I took them they could be taken repeatedly, so a single sitting wasn’t that important. So if one only gets to take these tests once, then they are more important, but if one can sit for them repeatedly, then I stand by my assertion that the PSAT is the most important test a bright student will ever take.
National Merit Finalists get automatic full rides at a number of good colleges that are worth anywhere from $100,000 to $200,000, depending on whether or not you take advantage of free graduate school at schools like Alabama and Oklahoma.
I agree with you that the PSAT is worthless if you don’t get NMSF, but you can’t very well get it is the proctors insist that the test doesn’t matter and ruin your chances.