As a brand spanking new CPL, I'm not very experienced at all, but I disagree that part 61 training is a waste of money. When I was building time, I'd go to different airports and do the approaches. Why? It introduced variety, I learned a lot, and I made PIC decisions.
That last bit is maybe the most important part- making command decisions. IMO, you mature a bit faster that way, as opposed to doing it 141 where you have the comfort of a CFI to double check your decision. Of course, I'm not saying a 61 pilot is better than a 141 pilot, but I had fun and learned a lot about my strengths and weaknesses as a pilot.
On one of my flights, I shot an ILS down to minimums and wound up going to my alternate. Doing it with your instructor next to you under the hood is one thing, but I don't think I've ever been so focused as when I had to fight turbulence and a leaking roof in zero visibility.
On using GPS, you can still use it without cheapening the experience. Our planes had the Garmin 430. I'd program the route and then set the CDI to GPS mode and turn off the moving map. At that point, it's just like tracking a VOR radial. I'd also use my VOR's to cross check my position on the chart to maintain situational awareness.
Yes, maybe I spent a few extra dollars, but if I had to do it all over, I'd go 61 again.