Let me preface my reply with the fact I don't submit cards for grading. I do have graded cards in my collection.
I feel grading SHOULD provide the following:
1. Validating the card is authentic.
2. Validating the card is in some original state (ie not trimmed, recolored, pressed, etc).
3. Giving an opinion on the condition of the card.
My personal collection has a majority of cards that were acquired prior to grading companies existing and I have no intention of grading them. It adds nothing to my enjoyment of the collection.
I realize that the whole concept of grading cards makes it somewhat easier to conduct transactions. But I also realize that this is NOT even close to foolproof. The people grading your 1933 Goudey might have been selling electronics at Best Buy this time last year. Them saying its a 6 instead of a 5 doesn't mean you should be willing to shell out an extra 35K. I think people are slowly beginning to realize this and look at the cards (though I readily admit there are lots of folks only looking at numbers).
So I don't view the grading service as enhancing the value of the card rather it SHOULD simply validate the card is what it looks like it is. I think the market is slowly drifting in this direction and you can see examples of auctions where 3s sell for more than 4s simply due to the card being nicer. But I don't think the market will ever truly get back to the customer looking at the card and determining for themselves what they believe the grade is and corresponding value. Its here to stay and I don't worry about it.
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