Both methods have their place.
When you combine an evening of good company, drink, and Kent Williams and I playing whatever we picked up off the floor of his son's room in Iowa City you sometimes get a pretty cool acoustic and ambient collage EP.
Like this: http://chaircrusher.bandcamp.com/album/memoriam
Truthfully, I had as much fun making weird noises using three presets on the 4op synth as I have at times with my wall'o'modular synths. The spark was there and the need to explore was brought out and into focus. It also felt good to pick up a few odds and ends and make music without a second thought.
I hope you enjoy listening to this as much as we did making it.
UPDATE - 9/5/11:
A few folks have taken the creative common license and made some great work out of our original tracks. The EP now officially includes a fourth track by Michael Crooker with live drums and other instruments mixed in, out, and all around the original recording.
Check it out here: