RIP EMH?

The title link is to a Times article that almost makes a good point. The Efficient Markets Hypothesis (EMH) says that securities are priced taking into account all publicly available information. It doesn't say the price of a security is an objective assessment of value. A consequence is that one shouldn't be able to beat the market by using public information.

However it seems to me that the EMH has been asked to bear too much weight for regulatory purposes. In particular EMH seems to justify using current market prices in mark to market accounting, but prices are not values and reporting prices only reflects back at the market what it already knows.