The only issue I have with CPAT is that it doesn't seem to do any favours to those being hired. We lost two recruits in our last class because they couldn't hack it physically (one male and one female). They passed CPAT without any real trouble, but the physical components of recruit class was too much for them.
Our department toyed with adding a V02 Max test, but instead decided to stay with CPAT, doing the interview first and making sure the applicants were well aware that they had to be physically able to do this job and make it through recruit school.
I think every department needs to have a physical test, if not the CPAT, then something close to it. I also believe in annual or bi-annual testing. I just can't help but think of the possible ramifications of being physically unfit for this job; both to others (crew and community) and yourself.