I've got a couple issues with this...
1. I doubt they will give equal time to all religions and all 'sects'.
2. You do learn a bit about religion in social studies in order to understand world history. I don't mind expanding that, but I don't think taking something away to put in religion is good.
3. I think that because people can be kind of sensitive about religion, schools are going to have issues. If little Suzie learns about Taoism and decides to investigate/convert, Mom and Dad are going to think the mean ole teacher brainwashed her.
4. Given the number of religions and the amount of docterine/history of each, it would take many many years to get much of an understanding. Without that detailed understanding I'd be worried that the students would be left with a few bullets off a teaching slide at most(stereotypes). All we need now is more stereotypes and uninformed opinions.