Before I get started I just point out that this is a most interesting topic that deserves significant contemplation more than mere discussion. But at least the seeds have been planted and reason for internal debate (at minimum) given.
When I was in the military I was put through what they call "A-School" in which they trained me in my particular field of specialty (aviation ordnance) only to find myself assigned to my first squadron and being told by an old salty Senior Chief to forget 85% of what they filled our heads with at A-School in that what you find in a book isn't necessarily how things really worked in the field; over the 30ish years since, I've come to see how that really does apply on so many levels and in so many areas of life on the whole, not just our particular niche there of.
I'd be exceptionally way off base to say that book knowledge isn't important; hell, I complain all the time about how unread so many are in today's world. If information isn't on a DVD or in Video format of some kind, an amazing cross section of "enthusiasts" simply never learn it. Then we have those that really do judge books by their cover in that they look at anything published before 1990 as being antique and if it was in print prior to 1970, obsolete...
... fortunately for many of us, that means we don't have as many fools littering the playing field by ruining even more of magic and in particular, some of the "classics" (dare I say, "rare" classics at that). Too, this wonderfully lazy cross section of our industry allows we creative types to reintroduced yesteryear ideas as something exciting and new and thus, legally pick a pocket or two

(shhhh, magic dealers have done this for generations... preying on the unread, curious, and lethargic)
Pardon my pseudo-sarcasm here, but either of these examples bring about a hint of contrasting Pro & Con factors when it comes to the bookworm syndrome and magic; there is a huge amount of good, advantage and value in applying one's self into actually learning about how our yesteryear contributors thought, approached and presented (or developed) magic. There is value in understanding how certain technologies have evolved and too, how yesteryear thinking can give you a modern-day marvel that stumps the majority of our contemporary thinkers. On the other hand, if you have the book knowledge but no direct contact or experience with those things you've merely read about, you cannot
a.) appreciate what's really involved;
b.) understand the nuances and performance elements the books simply cannot teach that only direct experience can deliver; and
c.) you become more limited (constrained) in your own ability to be creatively expressive via innovations that are based on real world experience executing personal theory.
When the Mind, Myth & Magic booklets first came it (like Corinda, it was not a complete book for many years) the greater majority of working pros sneered and mocked it. My original copies were picked up for two and three dollars each in the clearance bin of Hollywood Magic along with some of Gene Poinc's ideas on grand illusion designs. Water's being seen as a great theorist; someone that could challenge the most ardent performer in ways that helped him/her to bring out not just the better side of themselves but the effects and how they were presented. His enthusiasm with the occult and the more esoteric aspects of human mind potential likewise allowed Tommy to create ways of approach via which "the tricks" were removed and a greater sense of impossibility/mystery created... that is, for those that had a mind geared towards the idea of creating intrigue... a more theatrical mode of expression.
No, Water's was not the greatest of showmen and by his own admission, he was just an information junky that "dabbled", his stage shows (which, really were more frequent than some suggest... sometimes two or three a month) were more a matter of experimentation; a means by which to refine some of his theories.

I've gotten a bit tied up on the issue of MMM & Waters here... getting back to the question, I can only echo what I've learned by way of standing with one foot in the world of the perpetual student and one in the realm of the thespian; both are required if one is to have a reasonable working knowledge and association to things (regardless the field). This is where and why you hear me state things like
"knowing how a trick works and how to do the effect are two entirely different things."
I've watched the guys who "invent" new magic fall flat with their dream children and yet, when placed in the hands of another, more rounded individual, the effect takes on a life of its own and thus, evolves into being something sensational. In fact, I don't know of many effect designers that haven't had "book knowledge" fall flat upon building the mock-up of an idea and discovering its physical limitations as well as staging nuances that might improve upon the original design... everything from how to paint and properly finish the prop to backdrops that work best for optimum deception as well as lighting and performance blocking... those little things books can't tell you until the physical thing has been toyed with, and even then there are nuances never spoken of.
EXAMPLE: 99.9% of all magic bums believe that the Thurston Sawing used two girls. The reality is, this is way off base. No, the legs and feet were very much real, no mirrors or dummy parts were used, but there was never a second girl. Yet, the majority of book explaining the Thurston/Sielbit method will not disclose this particular truth and the logic behind it.
I can give a long list of similar examples but only because I'm privy to these subtleties as the result of hands-on experience working with said apparatus.
The other side of this same coin is the fact that most "classic" effects have more than one single means of operation. Where most of us might know the basic principle behind the Asrah levitation (as an example), few of us are aware of the dozen or so variants to the effect, including those in which absolutely no "gimmick" is employed. Even the so called "All Inclusive" Authoritative history of the effect is lacking certain of these nuances and design differences e.g. books will not/cannot, give you a complete and inclusive understanding behind "it all".
I MUST EMPHASIZE HOWEVER that without books and the effort of self-application when it comes to study, you will fail!
I'm not speaking about magic specifically here, but life as a whole. It is something that was drilled into me (kindly and gently) by the late Harry Blackstone (Jr) and a point of view I find as a constant in every single human being I admire (even those I may disagree with for whatever reasons).
When it comes to Magic specific studies I am compelled to point out two other vital factors;
a.) Magic is a
THEATRICAL ART and as such, even by our own definitions, we are obliged to learn about THEATER and not just tricks.
Far too many of us talk the talk but don't invest into learning how to walk the walk when it comes to being SHOWMEN e.g. we do not take those formal classes, workshops, etc. that teach us about being "actors", understanding what blocking and stage directions are and aren't, make-up and persona elements as well as wordage and pronunciation/grammar factors.
b.) Magicians both figuratively and by way of lore, are supposed to be men & women of greater learning & understanding and thus, wisdom. We are said to be graceful, deliberate, and examples of higher presence. That would imply that we are well rounded when it comes to general education, issue of trivia/history, the arts as a whole and the nuances of "proper" society. In other words, true Ladies &
Gentle Men... something we've seemingly misplaced in recent times, not to mention the fact that it is something rarely if every, covered in those books.
Thank you for this thread!
