It depends on what your theories / philosophies are behind producing audio.
If you feel that the objective of producing music is to faithfully and accurately reproduce the sound of the instrument, as it is in the natural world, then the "two mic" theory becomes much more relevent.
However, if your idea is to capture music and present it in such a way that defies our natural sense's capabilities -- i.e. to make something sound better than reality (or at least something different than what could be achieved in the natural world), then obviously, you're going to want to use all of the tricks you might have at your disposal.
Both philosophies have their place, of course, depending on the genre of music and the goal behind the production. I, myself, rather like having the ability to make the snare drum sound like it's being played in a curved tunnel ... while simultaneously making the cymbals sound like they're being played in a medium-large sized room with wooden tiled floors, and the kick to sound like it's being played right in front of me in a small, dead room, with mounds of compression.
Not that I would necessarily mix it like that, but I at least like the idea of having those types of options available to me should I wish to use them.
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