Jeff,
I think that it is very much a valid means of correction in certain images and you are probably NOT imagining the result. Image corrections will always depend more on the image than the technique. You might often use a paper clip to hold paper together, and it is best used for that, but you might sometimes find it works for removing discs that are stuck in a computer too (if you've never done it, that little pinhole next to your CD drive fits an un-bent paper clip and can eject either the tray or the cd).
The idea of giving you more than one type of separation is that all of them become important at one time or another. Again, in 300 pages in a book it is IMPOSSIBLE to mention every use of a particular tool -- that is, without writing a book just on that particular tool. That book would get pretty, um, boring. You might use the red channel for creating infrared images (or as the basis of), the green for converting to B&W, and the blue for masking or other support, etc.. While I might suggest a particular tool for most cases (my luminosity-based noise reduction works best for low light digital photography, and images with pretty good resolution), that doesn't mean it is best for every situation, that there won't be other solutions (as you suggest), or that particular images will never require other techniques. In fact, I believe I suggest you use things together. Part of the reason for the more advanced RGBL correction is to take the Luminosity and Color correction to another level. You may be to the point in your explorations where looking more at this will yeild some advantages.
Things that would affect the result lie in the image in question. If it is a scan of an existing photo or if it is a digital image, that quality of capture will be different. The lighting in the scene may be telling of the result, as might the subject.
So, as long as you are getting the idea that separating components can yeild opportunity for specific correction, you are getting both the point and the benefit of the tools.
Stephen M.,
HP is a reference to Hidden Power, not Hewlett-Packard. You might be interested in checking out the book and website:
http://hiddenelements.com.