After reading your concern about seeing graded tests, I assumed you were referring to an elementary aged child, since middle and high school students typically do not carry graded work home. In my opinion, reviewing graded work as soon as possible after completion does enhance a child's learning if someone helps the child to understand why the mistakes were made.
 
I am curious as to why the school would have discontinued the folders. And, as I read your comments, several questions came to mind. Is it possible many parents were not reviewing the folders or getting them sent back with the children to school? Is this school focused on grading and academic standing? Or, is the school focused on student learning? In my opinion, the latter is the better approach for improving students, which would support the argument to send graded tests home for review.
 
In this busy world of today with both parents working, it is hard to schedule appointments when all the 'necessary' people can meet. As an educator myself, I would much prefer to have a telephone conversation with a parent or send a work folder home than to have meetings. The more immediate a response can be seems to be more productive over the long term. I find most concerns are easily addressed with an email or phone call. I personally keep graded work in a folder at school, since many students simply "stuff" work into their bags and often fail to share the work with parents, especially if a score were low. However, I am always happy to send the work folder home for parents review any time they request it with a promise that it will return --- parents know it is coming and will ask for it; parents seem to take more responsibility in getting the work folder back to school promptly when they have asked to see the work folder at their convenience.
 
Bottom line --- as a nationally recognized teacher concerned about children's learning, I support parents seeing a child's work as soon as possible.