My philosophy? Have a laugh for as long as you can and don't get run over. Or stabbed.
Precisely constructed models for linguistic structure can play an important role, both negative and positive, in the process of discovery itself. By pushing a precise but inadequate formulation to an unacceptable conclusion, we can often expose the exact source of this inadequacy and, consequently, gain a deep understanding of the linguistic data. More positively, a formalized theory may automatically provide solutions for many problems other than those for which it was explicitly designed.