Clearly, opinions vary. Folks who fly IFR every day - in a jet - are compelled by the FAA to embrace the 'stabilized approach' concept. The goal for us it to be completely configured, gear, flaps, and engines spooled up and on speed by 1,500ft agl or so. From the flight levels, we mostly try to descend at idle thrust, burning as little fuel as possible, until we have to start extending flaps...which we try to postpone as long as we can get away with, once again for economy. At 210kts, (about as slow as we can go without flaps) the 737 will glide for miles and miles. But once the airplane gets completely configured, it's an anvil festooned with fishing weights. When the power comes up, we burn more fuel (per hour) than does cruising at .79M at altitude. We can shoot hand-flown approaches, with a HUD and autothrottles down to 600RVR and 50ft. We don't concern ourselves with approach lights because we're past them by the missed approach point. And if we have to conduct a missed approach from the DA, we may touch the runway...quite entertaining.
As someone will surely point out, it has little to do flap selection in a 172. But if I were going to shoot an ILS that is right down to mins, (in a 172)you know, 1,800RVR, I will be completely prepared and configured for landing, at a landing approach speed by a minimum of 1,000ft above the TDZE. The reason we do approaches is, ostensibly to land. I get the airplane ready to land. The tighter the approach, the more essential that is. Remember, you'll probably be on the gages down to 100ft...is that really the time you want to be adding flaps?
On the other hand, it the weather is 1200ovc and 5mi, and you find ATC wants 120kts down the pipe, you can scream in there like a meteor, so long as you know when to hit the brakes.