What's the point of a conductor? Part I

Kennedy's Complaint

I read an article about the violinist Nigel Kennedy a few days ago.
http://www.theguardian.com/music/2013/aug/30/nigel-kennedy-interview-conductors-overrated

In it he gives the complaint that has been around as long as conductors have existed (I assume) -- what do they do? Even most conductors would acknowledge that any decent orchestra can put on a good performance of an "warhorse" without a conductor.

I'd add a joke along the following lines: "Those who can't perform, teach -- and those who can't teach, conduct!" 

let them believe is was their magic hands

Marcel Tabuteau had a devilish comment at the end of his lessons: "My dear little friends, between us! Don't give my secrets to anyone! Especially to conductors! Let them believe is was the magic hands that did the trick!"

Most musicians know the repertoire better than ever

Summer festivals are everywhere these days -- pick a scenic setting, recruit faculty and the students will come. The purpose of these festivals is straightforward: they provide performance opportunities for young musicians. Therefore, a successful festival programs many concerts into a the span of a few weeks. For the most part, the performances are good -- the music is played technically accurately and in the proper style. And this happens not just all across the United States, across the globe even! As musicians will tell you, "standards are always rising," and that may well be attributed to these festivals.

So if musicians know the repertoire better than ever and can get along without a conductor, what's the point of a conductor these days?