Also, I'm not saying stories are necessarily good if they disregard continuity, but rather that it's not fair to writers to make continuity get in the way of the story they want to tell. I truly doubt any writer with ideas as wacky as "Reed Richards' should be a homosexual pirate ninja" (which might have been an improvement during CW) would get anywhere in the comic business, but certain writers do wacky stuff all the time and since they write good and entertaining stories fan lap it up. You can't say to Bendis "well, Alan Moore gets to do what he wants, YOU have to follow this formula because YOU suck". Character development, continuity, all these things sort of exist for one story and one writer, but when you run on a sliding time scale they will get thrown out eventually. The only true consistency in comics is the inconsistency with how the characters are used from writer to writer. If comics were reality you'd probably think most of your favorite characters were schizophrenic and in need of serious physiciatric care.
The unfortunate truth is in industries like Marvel, it's very hard to govern quality. The old Hollywood phrase is "nobody knows nothing". You can have all the right writers, all the right editors and all the right characters and your piece can still suck monkey balls. Then you can hire a monkey smashing a keyboard with a two-by-four and it's a complete home-run. The only way though you're going to get Alan Moore's and Grant Morrison's is by allowing creative freedom.