I would argue against making CS classes heavier on Math/Theory side of things unless you are going for a PhD. In the industry we need to follow the footsteps of Stanford and offer more practical classes such as iPhone Programming, Facebook App Development, Machine Learning...I would add to the list new technologies such as HTML5 Single Page App Development, NOSQL Based programming, Android Programming etc
I think a very math/theory heavy approach is better overall, but it's not a vocational training program