"You're right Graham@IDC , I don't get it hence observing & trying to learn as i go.."
Excellent, that's exactly the attitude that will get you where you want to go!
Apart from the pure logic of professionalism, one of the reasons I keep banging on about this is because airlines are now very sensitive indeed to the poor level of preparedness exhibited by so many potential candidates for a right hand seat.
They no longer place much credence in a full set of 90% plus pass marks and are looking for other ways to determine whether the applicant is fit for the job.
Much of the stuff you have to learn for the ATPL theory is relevant but the reasons why its relevant are often very poorly explained - if at all. If you try to understand the material (not just memorise it) you'll be much better placed when you come to your type rating course.
Good luck with your career!