I'd say if I had to lean any direction it is towards under-protecting routes. Because you can always add bolts later if need be (although this is not meshing well with the common practice). I think we need a few over-bolted routes (condomorphine addiction) that let more new climbers onto otherwise intimidating routes. Obviously, as evidenced by their continued existence and even propagation, these routes serve a purpose.
Then again, I climb trad 97% of the time.