Indeed, what you all say is true, and I find it especially fascinating that, as a group, we insist that the build be as technically accurate as possible, but when it comes to the finish, it is generally the highly exaggerated and often totally unrealistic use of artistic license that gets the highest praise
I dare say that if you make a 100% technically accurate build and put a highly realistic finish on it, 9 times out of 10 you'll lose out to an significantly inferior build with an eye catching, inaccurate finish. (hopefully that axiom would not hold at, say, the IPMS nationals, but I bet you know what I mean).
Then again, there is a fairly valid argument that has existed for centuries (and probably millenia) that certain aspects of sculpture need to be exaggerated in order for it to be sufficiently expressive to seem realistic, and panel lines and excessive variations in faded panels is one of the few avenues we have available for that given how we do strive for scale accuracy in our building process (sculptors, for example often modify body proportions, but we restrict ourselves from that path). I often use this notion to allow myself to stop being pedantic about exact shapes and let myself accept something that gives the proper impression (which is usually much easier to achieve!).
As an experiment, I've been thinking about building a monogram F-106 (for the "Delta Dawn" campaign) and just sanding off the raised panel lines and not bothering to scribe replacements. Looking at pictures of that aircraft, they always looks very clean and devoid of lines other than the canopy, control surfaces, etc. Perhaps some very fine/light lines drawn on top of the paint or some work on subtle differences in panel colors if that seem entirely too "flat"