People who know how to test are extremely valuable. Specially when doing peer review/pair programming with (solving the blind's eye thing)
Testing as a whole is not an easy task as it involves testing some really hard things: memory leaks, performance, UX, correctness of parallel and distributed algorithms/programs/systems.
However, Wealthfront engineers probably put this position more into perspective [1]:
We do not have QA team and do not want to have one, the reasoning is that if a human is involved in testing then there is a higher chance of missing things and you simply can't test all the site dozens of times a day.
Granted, Wealthfront uses continuous deployment[2], while still being regulated by the SEC. I really enjoy their lean startup approach to minimize inventory (ie: code not in production), while still keeping an immune system. And investors seem to agree it is really paying off [3].
[1] http://eng.wealthfront.com/2010/04/findbugs-husdon-and-pizza...
[2] http://www.eishay.com/2010/07/continuous-deployment-at-kachi...
[3] http://techcrunch.com/2010/10/19/kaching-gets-100m-under-man...