Way too many to list. Also, there are many different types of standardized testing, and each has its own set of benefits and drawbacks.

If you want to read a more intellectual take on the issues with high stakes testing, Alfie Kohn has some good books on this. If you want to know the specific problems with No Child Left Behind, then Diane Ravitch's new book probably does a good job explaining it. But it's difficult to really understand the issue without reading a lot of different books on education in general, since testing by definition is designed to enforce its own normative preconceptions.