Of course. I agree with two points that you *almost* made... =)

One is: that any methodology exists in order to keep stupid people from hurting themselves or hurting the company. Smart people are often rightly exempt from the most rigid implementation of whatever process is in place. (Of course, even smart people make mistakes. CPANTS and kwalitee implement a lot of agile ideas.)

The other point is: I wouldn't use agile methods to build, say, a cruise missile. Or an air-traffic control system. Or a spaceship. There are any number of applications that demand the discipline and documentation that agile methodologies lack.