I have about a year and half of experience training in Mo Duk Pai kung fu, although the rearranging of my life by way of fatherhood has precluded my training for the past year. (www.modukpai.com www.academyofkungfu.org
-- safe links). It is a relatively modern style, blending traditional KF techniques and forms with ground work, weapons and multiple attacker defense, tournament sparring, and a lot of what I would call "fight theory." There is also a CrossFit program at the school, so they use a lot of CF-style workouts for training, and there is a strong emphasis on physical conditioning and mental toughness. From what I have seen in the more advanced students, it is an effective style, although I kind of think even knowing how to throw a good punch from the hips, with good alignment so you don't sprain your wrist, is something of an advantage--maybe having good blocking is even better!
I can see the value in a versatile approach, for sure. There is no telling what kind of jive situation one might encounter, and having a lot of tools in the self-defense toolbox seems like the best recipe for making it home. After all, if you know how to block and strike, and you succeed, you may avoid going to the ground. If you get knocked to the ground, your stand-up game instantly becomes useless, so it's good to have some idea of what to do--even just bridging to get an attacker off of you.
Something that is not talked about a lot aside from the self-defense aspect are the discipline, self-respect, and self-confidence that someone gains from martial arts. Unless I get mugged, I will probably never get in a fight, but I feel better about myself, more confident in day-to-day situations, and more capable of taking on challenging situations because of my training. I would say that the real benefit is in applying these positive aspects of training to every day life.