I think that DL Bahler stated my own position very nicely.
While I admittedly do not feel the same affection for my power tools as I do for my hand tools, I respect them as important additions. (Although I do have a 100 year old Crescent bandsaw, that makes my heart skip whenever I walk past it!)
In my shop all the roughing work is done by circular saw, mortiser and router. All the clean up is done by chisel, slick and plane. It ends up pretty balanced between the two.
I feel from my experience that with an intelligent mix of the old and new; combined with proper workflow and procedures, gives the best overall efficiency and value. A little while ago I cut and assembled three king post trusses spanning 28' in about 24 hours. All the joinery was fully housed, drawbored, and the joinery was dollar bill tight with no slop in the mortises. I really don't see how I could replicate that with hand tools alone.
It is completely possible that I haven't acquired the proficiency in hand tools to be able to see their fullest potential. It is something that I would be very interested in. Believe me, if I could buy a bunch over Miller's Falls boring machines and make the switch I would do so in a heartbeat!
This is an interesting topic, and one I have been curious about for some time.