We report the final results of the CP-PACS calculation for the quenched light hadron spectrum with the Wilson quark action. Our data support the presence of quenched chiral singularities, and this motivates us to use mass formulae based on quenched chiral perturbation theory in order to extrapolate hadron masses to the physical point. Hadron masses and decay constants in the continuum limit show unambiguous systematic deviations from experiment. We also report the results for light quark masses.