Oh, Lord help me, I've just gotta bite on this topic.
Here's my philosophy: The best tool for a job is the one that gives acceptable results with the least time and effort, while providing a pleasant user experience. Aka "The right tool for the right job."
Here's my theory: Analog instruments tend to reduce the time required to get get a process under control, because they give you immediate proportional feedback as to how much correction is required. Unlike a digital go/no-go gauge. The point is not greater precision, it is better feedback. Dial indicators are nice analog feedback devices.
This weekend, I finally got around to a doing a full alignment and sharpening of my Pro Planer. I started by re-watching the Nick Engler video on setting the knives using a dial indicator. Then when doing the initial indicator setup myself, it struck me that the method would give you a really nice cone-shaped cutter if the cutterhead were not parallel to the table in the first place. I do believe that Nick aluded to this in the video, but it didn't quite sink in until I did the setup myself.
So I checked my cutterhead alignment, and found that it was off by 0.005" end to end, and the tiebars were worse. It being seriously frigid outside, this was a good day to stay indoors and make it right. So I futzed around most of Saturday afternoon figuring out the chain & sprocket alignment thing. At the end of the afternoon, the table was aligned to the cutterhead and to all tiebars to within +/- 0.002", all points. If I had to do it again, it would take maybe 30 minutes.
On Sunday, I got back to knife sharpening and alignment (and have several paper-cut-class lacerations to prove it
). Sharpening was easy, using the SS jig. As for alignment, the first blade took maybe 20 minutes using the Nick method, to within +/- 0.001". Second knife took under 10 minutes for the same results. Third knife took about three minutes.
So developing a good repeatable process can take a significant investment of time. But once you have the process nailed down, a good instrument can enable it to go very quickly and accurately indeed. With little or no trial and error. Proof of the pudding: my test cuts resulted in boards flat to 0.001", right out of the gate.
Now mind you, I find innate satisfaction in perfecting a process. But if you find a different approach to be more gratifying, then I heartily endorse it ... for you.
JMHO;)
) is that I absolutely do not want the newbies that come here to get the idea that they must get ass deep into all of this "measuring mania" in order to use and enjoy wood-working especially as Shopsmiths fit into the hobby. My advice to any newbie is to grab the Shopsmith Allen wrench and follow the alignment procedure originally laid out by Shopsmith back in the 1950's. 
