The way I see it is this, ideally, the equipment, whatever it may be, will measure well and sound great.
However I think many of us can agree that this isn't always the case, sometimes gear will measure like crap and still sound good or it may measure well and still sound like poo, and that's where we have a problem. The first questions of course are "are we hearing right?" and "are we measuring the right things?" and unfortunately there's no easy universal answer for this, each of us will have to make our own individual judgement calls based on our value systems and priorities. One person might say "it sounds good so screw the measurements", another will go "I don't care how it sounds, it measures good", while yet another will say "ok, it sounds good and measures bad, so if I can fix it up and make it measure well it'll sound great", and of course there's a million different degrees & variations on the above.
Do measurements tell the whole story? I honestly don't know, but they can tell you a lot, for example why many 300B amps have rolled off treble, poorly controlled bass, an overly rich midrange, and lots of distortion. That's what happens when you use an underpowered tube to drive the 300B output tube, the driver tube can't pass the full audio bandwidth, it can't swing enough current & voltage, and it saturates & soft clips causing all kinds of distortion. And you can measure all that by moving the test probes through each stage of the circuit to see where things go wrong.
So at the end of the day, where do I sit? I want my system to sound good, to me. If it doesn't measure well then I want to know the why and how so that I can gain a better understanding of my gear and hopefully make it sound better. If it sounds bad but measures great, I don't want it since frankly I don't have the patience to put up with subpar sound while I try to figure out what's going on. As for the CLC, frankly I have much bigger problems in my system to fix. Besides, it's an ugly piece of crap, if I want a clock, it damn well better look like it's worth $200, it ought to be heavy, well built, and made of solid shiny metal.