I think the knee-jerk reaction is to think it's a preposterous idea, and I did when I read the thread title.
But reading the article and thinking about it, it's really not all that bad if it's just offered as an option. How many people did you know that took a year full of blow-off classes as seniors. If they want to, that's all well and good and part of the high school tradition or whatever.
But if a kid has been accepted to the college he wants, and has taken all of his core classes or whatever, wtf's the point of making him stay around and fill his day with cooking classes and study halls? Let him go to college and become a productive member or society a year earlier.
I think people assume that every kid is just going to drop out of school if he's given the opportunity. As dumb as kids can be when they're 17, I think most of would know that's a bad idea. I actually think that making the senior year optional is one of those choices that would simply make things that were going to happen anyway, happen earlier. Either the kid will have worked hard up to that point and take advantage of this, or he'll not go and go to work or whatever and save the state money. The natural progression will be maintained.