If we spend all our time multi-tasking and hopping around, I think we'll be in big trouble. Someone has to say, "That's great that you can do 10 things at once. Now let's see if you can learn to pay close attention to 1 thing for an hour; that's another skill you need in life."
The ability to think deeply and carefully about something is harder to develop anyway, even without texting; now that we are so 'hyper-socialized' I'm worried that it's going to almost die out. I know that while I love the Internet, my attention span is shorter than it used to be, and I have to work at concentrating on one thing at a time. (And I'm 36, I didn't meet the web until college.)
So my conclusion is that schools should be standing firm on this and saying "This is a skill you need to learn, and school is where you should learn it." Texting, multi-tasking, jumping around--that stuff is easy. Concentration is hard and has to be learned.