It's the frequentist vs. bayesian debate again. Frequentist methods, like worst case analyses, give hard guarantees no matter what the probability distribution over the environment is. Bayesian methods, like average case analyses, require a probability distribution over the environment and may mess up horribly if that distribution is wrong.
One of the most interesting debates on Less Wrong that seems like it should be definitively resolvable is the one between Eliezer Yudkowsky, Scott Aaronson, and others on The Weighted Majority Algorithm. I'll reprint the debate here in case anyone wants to comment further on it.
In that post, Eliezer argues that "noise hath no power" (read the post for details). Scott disagreed. He replied:
Eliezer replied:
Scott replied:
And later added:
Eliezer replied:
Scott replied:
And that's where the debate drops off, at least between Eliezer and Scott, at least on that thread.