I think that an exercise can be productive, it just depends on the person performing it.
With that said, one factor that has not been presented is that most bodybuilders, and people in general, have small bone structures.
From the sounds of it, a good majority of the members posting in this thread experience pain or discomfort from the exercises I find most useful:
heavy squats
heavy deadlifts
close-grip bench presses (or alternatively heavy board presses)
good mornings
etc.
The reason: bone structure/body composition.
My lifting partner from high school (who is still a powerlifter), complains at times of the stresses some of you have. I never do (not because I have a higher tolerance for pain or more machismo), because I have a heavier bone structure [especially in respect to my ankles (which sucks because my calves never look big!)].
A good example is that when I used to compete and use a Westside template, I would routinely do various types of good mornings with anywhere from 315-405 for 1-5 reps @a bodyweight of ~200 lbs, and never had joint problems. Other guys that were 198s would at times complain of the havoc imposed on their joints, and they were always stocky with more muscle and bodyfat than me, eating probably double the amount of calories I did daily (being 198 @6' 2'' is not easy).
So, my 2 cents is that any exercise can work, just depends on your body, and that everyone needs to find what works for them.
I believe the key is to find what works for you own body, and go with that.