I thought this was an exceptional blerb from a well respected 'smith in my neck o' the woods:
"Since you asked and since I had this very conversation yesterday I'll answer it based on my experience.
I'm a car guy and a dragster fag in particular so I'll use it as an analogy.
If we go Pro Stock Drag Racing and want to be competitive we can't show up at a race with anything less than a normally aspirated 500cid engine making right around 1350hp. It don't matter how many .401 lights you cut, you won't win.
If you spend lots of time and money fussing and such you might find an extra 15-20hp that other guys don't have. In the world the rest of us live in 15-20hp isn't even worth mentioning. We'll never appreciate it in a street car and 99% of us aren't capable of putting it to the pavement anyway even if we did have it.
However, if your back in the pro stock car and your racing someone like Warren Johnson's kid then 15-20hp is a zip code of advantage.
Much is the same with precision rifle building, but it comes in two folds. Actual real world performance and the perceived gain/confidence boost it gives you as a shooter.
First you have to find that 1350hp. That starts with a premium grade barrel. All the action truing in the world won't fix a lemon. Neither will bedding, trigger jobs, optics, yada, yada.
All of those items fall into that 15-20hp category.
Action and bedding work make a great gun exceptional, but the gain is small and its expensive.
Next is the perceived value and the confidence it inspires in you as you pull the trigger. If you have the mindset that only an accurized receiver fitted with a great barrel will deliver the performance you must have, then that's all that will satisfy the bill. Anything less and your going to wonder/doubt your equipment when/if (WHEN) a shot comes up that isn't on call.
SO, receiver work is worth it if it's worth it to YOU. It's also worth it if your the caliber of shooter that averages in the HighMaster classification rating. (97% or better-not easy to do/maintain)
Hope this helped, but I fear it'll just put more doubts in your head. It's the truth though!
Please know that I don't say this as a shooter who's owned a dozen or so custom guns built by various marquee shops all over the US. My comments come from building a few hundred of these kinds of guns over 14 years in a variety of flavors for folks all over the world. It's just what I have observed over the years and my opinions/thoughts/findings are consistent with other builders who've been doing it as long/longer than I have.
C."