I'd define basic obedience as the first level commands. Some I think are necessary, like a good recall, and some are building blocks. I do rally obedience with Luc. It's not for competition, just a fun class. He absolutely loves it. He's excited and engaged through the whole class. He loves practicing at home. Does him learning how to do a tight pivot turn have any real-world application? No, not really. However, we've had a ton of fun with these, and other classes, and our relationship is stronger for it.
I don't expect Luc to be perfect at all times. Our daily walks are with a 30ft long line where he can sniff as much as he likes. He gets his own spot on the couch. I always pay the cheese tax. I would agree it boils down to what you want. I don't need a dog that is next to me in a tight heel staring at me the whole time, but I do want a happy, well-balanced dog that I can take him places without worrying about him bothering other people or misbehaving. My previous dogs were okay in their behavior. They never did anything terrible but never went through any structured training either. For me, it's soooo much nicer to have a dog that listens and obeys 90+% of the time.