A few points of clarification, though it would appear that we are all saying similar things, just in a different manner....
The plate load test has, essentially, two functions:
1) For help in assessing the bearing capacity at the surface or foundation bearing level
2) To assess the modulus of subgrade reaction for pavement applications
It is not a predictor of overall foundation performance, though it is a fair representation of a bearing condition at the location of the test, if the test is properly run. It isn't as easy to do correctly as it would first appear and certainly not as easy as the textbook schematics would imply! One must be careful about the interpretation of the data when considering settlement and geotech parameters other than bearing at that location. As BigH noted, the plate load test should not be substituted for boring data....they are complementary processes. Further, in highly stratified near-surface soils, bearing capacity and settlement can be more closely related than in conditions where the soil is more consistent through the 2B range(or deeper in some cases).