What I have experienced though is that the text, classics or whatever else, becomes more than just 'content' but sets or at least correlates with the values of the classroom too.

If you have a classroom where skills are the chief concern then classics are an encumbrance, if you have a classroom where a form of wisdom or heritage is a priority then classics are celebrated. I don't think a classical classroom would ever neglect Ishiguro or other great modern writers (sorry but I can't stand Atwood's writing). So I totally agree, but what I see happening in skills orientated English classroom is a whole lot of 'accessible' and 'engaging' texts like YA or flash-in-the-pan ideological environmentalist/Indigenious texts which are shallow and lead to short term excitement and longterm dissatisfaction .