Matt,
Sorry I haven't replied to your post earlier. Undoubtedly, the main reason for the lack of modern machinery in Schools is that of cost. CNC machines are v. expensive and the Schools just can't afford the amount of money these things cost. OK, you can get these hobby type machines (like Rob (CruzThs) has got) which are great but I don't think really bring the excitement that a modern CNC machine ripping off loads of material or contouring at high speed can do. And you need to get the kids excited about a subject for them to become interested in it and eventually make a career out of it. Maybe the M/C tool manufacturers should donate some CNC machinery to Schools. I believe that Unigraphics & SolidWorks almost give away licences for their software to educational establishments. Now I know that's not quite the same thing but I'm sure something could be done along similar lines. After all, everything needs to be engineered & manufactured and if we aren't making it then someone else is.