Should Theological Education be in the Church or the Academy?

Over at SAET website (Society for the Advancement of Ecclesial Theology), of which I am a fellow, there is a very interesting and important debate going on between Jonathan Pennington, Associate Professor of New Testament Interpretation at the Southern Baptist Theological Seminary, and Spencer MacCuish, the Academic Dean of Eternity Bible College, a church-based college associated with Cornerstone Community church over the question of the most appropriate context for training pastors.

Here’s the introductory blurb:

In recent years evangelicalism has seen an increase in church-based theological education programs that endeavor either to supplement or entirely replace traditional seminary training. Those in favor of church-based theological education, particularly as it relates to ministry training, insist that traditional modes of theological education too often create a false dichotomy between praxis and theology. Those who support traditional academic theological education maintain that the academy has a unique role to play in partnership with the local church when it comes to theological education and ministry training.

What do you think?