There's plenty of validity in your statements. If more people trained naturally in this style rather than using all the isolation exercises and machines - there would be a lot less 160lbs. guys turning to roids because they hit a plateau on the cybex circuit.
I like to apply the following rule of thumb - if the bench is a 'big' exercise and really gets you sweating, your workout is most likely shit. Nothing compares to deads, cleans, squats, and overhead work to stimulate growth and really give the body a workout - no one does these heavy without pouring buckets. I used to love bench day cause I could lay down and hardly break a sweat no matter how hard I worked.