I think a K is mostly to make an impression: the pitcher was able to get three pitches through the batter's ideal hitting zone, or by tricking the batter into swinging at one that isn't, without the batter putting the ball in play. They are practical in that you got the guy out without risking a fielding or throwing error.
I don't think they should be that important a stat, as they are considered part of the pitcher's "triple crown", but that they are more like home runs: impressive, valuable, but not of premier importance.
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"Final thought: I just rented Michael Moore's Bowling for Columbine. Frankly, it was the worst sports movie I've ever seen."
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