Relevant Reading Writing and Speaking

Let me start with the disclaimer that I'm not really sure where I sit on this issue. Is there value in being "cultured" and "well-versed in the classics"? Is there value in having read all that Shakespeare wrote if it will not apply to the practical, professional world of which many/most of our students will be a part? What about the value of having a student really enjoy something they read even if that student will never be able to use their knowledge of the book again? As our world becomes "flat" where or how does traditional English curriculum evolve to keep up with the times?