Great for some people, fine for others and not a good fit for everyone. It's an individual choice and that choice shouldn't be disrespected, simply because one person chooses differently than another.
Agreed. It depends on the religion and the individual. There is too much variety in both to make sweeping statements. All religion isn't like Mormonism and all people are not like the Religion bashers.
We must respect the other fellow's religion, but only in the sense and to the extent that we respect his theory that his wife is beautiful and his children smart. - H. L. Mencken
Mostly the institutionalized form of someone's spiritual epiphanies (their direct experience of another mode of being), maintained largely by people with no direct personal experience of this themselves. Hence outer forms substitute for direct knowing and people become rigid defenders of their particular outer forms (which assume the status of "idols"--ironic, isn't it?)
Convenient, if you're running a class-based society of under-educated consumers and don't want them thinking too hard about... well, anything at all :)