Fantastic recap and excellent points on these "real time" issues. I was just having this very discussion with a prominent, and very green, infill developer. Many of their projects are certifiiable, but they did not opt for LEED. One question I would add for anyone engaged in "to LEED or not to LEED" is "Who is your target customer?" If you are a residential builder it's the consumer, and the value add may/may not be as critical compared to a commercial developer that wants to attract LEED tenants, green financing or green investors. There are federal, state, city, and corporate policies to lease or invest ONLY in LEED properties. Many institional and private equity lenders are looking at the value proposition of LEED vs non-LEED as well. That is a HUGE factor when advising a client as to whether or not LEED Certification should be considered. Excluding LEED investors and tenants will cost an owner a lot more than the plaque on the wall - "frivolous" or not.