CWS P
I disagree that CWS is a waste. It is merely a tool that can be useful in some specific situations.
For example, I like CWS P when the NG is doing the hobbyhorse routine in a VNAV climb. It will still level off (capture an altitude) in this mode. If you enter the mode without selecting N1 on the A/T then the power will come back to hold the selected speed. If you leave it in speed it will function like V/S, which has its place too. Although some shy away from full CWS as it will sail right through an altitude selected on the MCP, there is actually a way to ensure this will not happen: breaking out the autopilot through pressure on the controls in pitch and roll will get you into CWS but with 'CMD' on the FMA vs 'FD', which is what you will see if you get to CWS by simply pressing the button.
FD= no alt capture.