Sorry, but that's bullshit. If the situation deserves a no-knock warrant, there better be way more evidence than can be destroyed that quickly. If there was so little there that could be destroyed so quickly then they shouldn't have been wasting the taxpayer money.
Depends on what you suggest as an alternative. Say two cruisers roll up in front of a house, lights flashing, etc. Cops get out and knock on the door, announcing their presence as police officers with a warrant. One dude can easily stall them at the door for a few minutes while the others flush / dump / whatever the drugs. It isn't hard to get a large amount of most drugs down drains, sinks, and toilets really fast.
The evidence destruction was pretty secondary to my other point, though. When confronted with a situation where the police fear a suspect will barricade himself in his house, no-knock warrants can be useful. They certainly should not be applied in EVERY potential barricade situation, I believe that police should work harder to apprehend criminals away from their homes, their friends, and their guns. Making arrests in parking lots or during "routine" traffic stops are also highly effective methods at reducing the chances for someone to resist and increasing the safety of everyone involved.