The McKinsey Quarterly's Reshaping Business Education in a New Era is one of the best descriptions of how business education needs to change I've seen.
It is an interview with Blair Sheppard, Dean of Duke University's Fuqua School of Business and he discusses the changing student expectations and environment business schools face.
The key points are (1) there is growing student interest in social entrepreneurship and public-sector management; (2) business schools need to provide an integrated curriculum that includes other departments and majors beyond the business school (environmental education and public policy studies are given as examples); and (3) the schools need to provide a broader, more diverse set of degrees and programs.
Registration is required at McKinsey Quarterly, but this interview is well worth the effort. There is also an interview transcript.