ETL testing, which stands for extract, transform, and load testing, is essential for ensuring data accuracy, integrity, and performance in data warehousing. Key objectives include data validation, source-to-target mapping, data quality assurance, and compliance with business rules, while data lineage tracing aids in understanding data flow and addressing consistency issues, especially during legacy system migrations. Different approaches to testing slowly changing dimensions (SCDs) in ETL include type 1, type 2, and type 3, ensuring that dimensional data remains accurate and consistent over time.