Yes, I agree with you. The monochrome underpainting, which can be more or less a wash drawing, too, is to work things out and act as a sort of dress rehearsal. Unfortunately for the painter, an underpainting is often very nice in itself and always seems a shame to then have to obliterate it. I think that was Brad's initial point on this thread. That said, it's still useful, particularly in difficult or in precise subjects or techniques.
G, I liked your expansion on "finished" work vis à vis more "painterly" work. Exactly. Well put. You also echo what I understand was one of Gérôme's truisms in his teaching -- which is that good painting results from a heightened perception, not from process.
Finally, I've also heard the remark attributed to van Dyck as "be in a hurry to get to the finish, because there's a lot more to do after that".
Juan