This seems to be turning into a thread complaining about standard notation rather than the value of music theory per se. Much of this involves grudging acceptance of techniques for developing musical facility, such as scales and chords, plus an absolute loathing of using notational forms such as sheet music and tablature. While notation and technique are elements of music theory, they are not the totality, nor are they designed to offend emerging musicians!

Let's get serious: theory is where you look back at what you did and try to figure out "why did that work". Frank Zappa, despite his supposed stance against formal technique, is a music school graduate and demanded the highest levels of performance technique out of his musicians. Ask a studio musician or a producer what "Ex Frank Zappa Band" means to them and you'll probably get an earful.

Finally, as for methods of music production, pragmatism may well be the best approach, but the more you know, the more choices you have. This applies to everything in this world, not just music.

if your doing nothing but rock (punk, metal, electronica ,beats and stuff , pop, and others) and some country you might be able to get by without theory but if you get into other areas like jazz and some classical  having a good knowledge of theory is almost a must.....yes in the end  the ear is the king...... but  the more music style you have under your belt and the ability to understand the concept of what makes these styles what they are give you a better library  of knowledge to draw from ... you can always break the rules later..

like stringbreaker said    Frank Zappa knows music and is well trained...  I mean look  Steve Via who has  a great master of theory knowledge was a music transcriber and helper to Frank Zappa . 

I mean  even the country guys who like to make out like they  are just back woods pickers  studied music
Chet Atkins got to study with Andres Segovia,  Steve Morse  went to I think it was Florida State (same school with Pat Matheny) 

Metallica's guitarist studied music  ..I think it was Berkely (sp) 

You can make great music without music theory but  it's easier to lay parts out that will work nicely with each other and also do More things if you know of More things to do.