Rather, we should seek an EQUAL capacity to reflect upon what we are doing through theory, practice, and application (i.e. not giving priority to any one single element).
While I think I understand the point you're getting at in that a limited range of "real world" experiences shouldn't get in the way of analyzing what you're doing, I'd have to disagree with your assessment that the three elements you mentioned should be given equal weight.
For example, theory is wonderful, but should be able to be tested relatively easily with practice in a standard dojo, so I'd lump those two into a single process of experimentation. Both of these I'd happily disregard (even if it goes against my own or accepted theory) if there's a consistent body of work which shows, in an applied setting, something that consistently works, even if it's theoretically "dumb".
As for the clip, yes it looked awful and the fight may have been avoidable (but remember youthful hormones and possible history between the two), but the guy walked away without injury, not really much damage was done to his opponent and, more importantly to my mind, the strange kung-fu walk did prevent it turning into a group attack. I wouldn't rain on the lads parade too much personally.