There was a very lively, extensive, and often contentious discussion about SCORM and LMSs on the Web-Based Training / Online Learning Listserv this past summer. The context was implementing object oriented technology for training content. What I took away is that SCORM is well intentioned, but not fully implemented or usable, though I did not follow up with an examination of SCORM details to confirm that. I think you would be well advised to check this out.
You can subscribe to the listserv at http://www.trainingplace.com/source/thelist.html
and then request an archive listing. Look under the headings "Learning Objects" and "RLO, LMS, SCORM, etc."
If that does not work, I can cull these items from my email folder with WBTOLL messages and forward them to anyone interested.