Keith, are you saying that epoxy is overkill for most woodworking projects? That is, if you were overly anal retentive, would you use epoxy more often? In what cases would carpenter's glue be better than epoxy, other than cost and hassle?
I tend to use epoxy where it is appropriate only. I don't use it just for the sake of doing so...it doesn't make any sense.
I wouldn't say that carpenter's glue is better than epoxy, or vice versa, just different glues.
There are a few two part glues which I have used over the years, and they all tend to be more water resistant than one part glues.
I will say this, because I have used literally barrels of epoxy over the years, I really do like the stuff. Yes, it is more expensive, (as are all the two part glues that come to mind) yes it is a bit more of a hassle to use, but once you get really used to all its' properties, it is a really good glue. It isn't just a glue...you can use it with fillers to make fillets - for example - when boatbuilding. That wouldn't be glueing anything together, just making a nice smooth inside corner. I have also been known to use it as a finish on western red cedar when the item will remain inside.
Pretty much all the modern glues are stronger than the wood they glue together. So at what point do we really need more strength?
Out in the shop I presently have epoxy, Gorilla Glue, the various Titebond's, 202GF, several of the typical carpenter's white glues, an unnamed two part white glue by Nacan and who knows what else.
One thing I will add about epoxy is that you can use a variety of thixotropic agents with it. Cab-O-Sil particularly sands to an extremely smooth finish, just like glass.
I see that Chuck has a post here, which I will respond to momentarily.