I wish one of the choices was 'All of the above'!
The park I practice in has a small tree exactly 100' from the crack in the sidewalk I stand at. I can hit that tree with a five-weight rig regularly, but not always at will.
Like Randy, I practice cast a lot and enjoy the heck out of that and casting competitions. The Fly Fishing Masters a few years ago got me hooked on that. I can't think of a better place to pick up tips and pick the brains of the best unless you have good FFF conclaves like we do here in the Southeast. Who is better to learn from than folks like Bruce Richards and Steve Rajeff?
There's no down side to casting well. It is an integral part of what we do.
This week we were in the parking lot talking about casting before a club meeting started. One of the guys said he had no need to cast over 10' as that is where he catches all of his fish. Someone told him he should see all the fish at 12'!