As a Business major, I think that the benefits of actually learning economics traditionally outweigh the benefits of testing out of it... but that's for a Business major.

I took Macro and Micro in community college (I took them Micro, then Macro due to scheduling), then Intermediate Macro at non-trad university... and the concepts from all these classes continually come up in other courses. As I go on to work on my MBA, I know that I've got a solid foundation.