The discussion never grows old, I love when people can has out ideas and expand on what starts out to be a simple observation.
In regards to number 1, I think you answered it yourself in your own number 2. Whilst long-term, value may edge out over growth, that does not mean someone should simply only invest in value. It comes down to having an asset mix, and rebalancing as necessary. Such as right now, most people are very heavy in value, and rightfully so. When growth picks up and starts to perform better than value, you could stick with your value allocation and still benefit in the long run. But, by proactively making an allocation adjustment to introduce a larger position of the outperforming growth stocks you will likely obtain a long-term gain that is greater than sticking with strictly value alone.
And you are right, I think the media is more or less using the value and growth argument more or less to remind people to rebalance. We have been on a nice run the past few years in value, and investors may have swayed from their original asset allocation that is suitable for their investment objectives. Of course, that doesn't make a good news story by just reminding people to rebalance their portfolios!