People argue that an entire model needs to be parametrized, but control point surfaces have there own editing techniques that still allows flexibility and freedom.
I'm relatively new to the world of parametrics, but think it has a lot of potential even for class A work. The difficulty I find is that there are design changes that can occur which will cause problems with most parametrics. Secondly, difficult blend work in my experience is tough to keep parametric. So far, its the more engineering oriented surfaces & tasks where I see its big advantages, but I'm wide open on everything that is possible.