I've met both. One was a highly-academic type who thought that speculative (i.e. heavily photoshopped) renderings or traditional drawings were better because you can already tell it isn't real and therefore appreciate the architecture for what it is. This may be true sometimes but a lot of speculative work is complicated intentionally, I think to add layers and confusion to the image in order to appreciate it as something that took a great deal of time to accomplish. Therefore adding to its value. This is one of her renderings done in 2011. I find it not only boring, but unnecessarily complicated, although I should state that she is incredible at hand drawing and drew this over top of a clay rhino rendering.
Other professors that I have and a few clients all really respect photoreal renderings and don't degrade it in any capacity. I even had to teach a graduate advanced computing class last semester despite the fact that I am an undergraduate student. With that being said, though, I'm sure everyone here has had clients or profs who have no understanding of the process and ask for tiny changes and become upset when you inform them that these changes require an entirely new rendering. If people realized how much pedantic time-wasting it took to create a lot of cg work, I feel like they would immediately appreciate it a lot more. That will never happen, though - especially with publications like this taking some sort of condescending tone towards this work EVEN though an increasing amount of 'intellectual' firms like Preston Scott Cohen's are hiring people to create high-quality renderings despite thinking of it as sort of an aside to architecture. I think there are a lot of bad visualization firms, but at least these things aren't built like 90% of the garbage we are forced to look at and live in in the built environment.
In an ideal world, we'd have good quality architecture and viz work like the collaboration between William O'Brien Jr and Peter Guthrie. That doesn't mean speculative renderings don't work but there is definitely a place for photorealistic work.