Phenomenon based learning as opposed to subjects? Finland again.....

Finland is moving away from traditional school subjects and on to something called 'phenomenon based learning'.    In Phenomenon Based Learning (PhenoBL) and teaching, holistic real-world phenomena provide the starting point for learning. The phenomena are studied as complete entities, in their real context, and the information and skills related to them are studied by crossing the boundaries between subjects. Phenomena are  holistic topics like human, European Union, media and technology, water or energy.The starting point differs from the traditional school culture divided into subjects, where the things studied are often split into relatively small, separate parts (decontextualisation).

Phenomenon-based structure in a curriculum also actively creates better  opportunities for integrating different subjects and themes as well as the systematic use of pedagogically meaningful methods, such as inquiry learning, problem-based  learning, project learning and portfolios. The phenomenon-based approach is also key in the versatile utilisation of different learning environments (e.g. in diversifying and enriching learning while using eLearning environments).

In the diagram below (taken from http://livetheorganicdream.com/finland-abolishing-school-subjects/) the process is explained.   
 
Will this be the end of subjects, of 'knowledge' Govean style, and the start of an emphasis on process?  And will it be the end of HE and traditional academia?  And if so, does that matter?  It'll be interesting to see how this will pan out in Finland over the years.