Over the past 20 years I've served as a professional educator, my thoughts on basic knowledge and skills have fluctuated.
Early in my career, I know I focused a lot on "just the facts." Students in my math classes learned algorithms for solving particular kinds of problems. Students in my science classes memorized a lot of definitions for vocabulary. The idea for me: they have to know the facts! And...perhaps cynically...it's easier to assess their factual knowledge than the deeper understanding that I hope they will also develop.
Looking back, I now realize that about five years in to my teaching career, a shift began to happen. As I matured as a teacher, I began to de-emphasize basic factual knowledge and instead began to focus more attention on ensuring that students could actually do something with that knowledge. Eventually this meant I embraced standards-based assessment practices for my science classroom, focusing on giving students multiple opportunities to both learn concepts as well as demonstrate their understanding of the concepts. I remember having a (somewhat heated) conversation with a colleague during this time in which I said something like, "If they can find the answer on Wikipedia in under 30 seconds, they don't need to memorize it!"