Agile Is Not a Silver Bullet
Personally, I like the Agile approach because it drastically changes the conversation about software development. It forces us to consider the craft of software development and how teams of skilled individuals can collaborate to deliver great software. By explicitly nominating a new set of values for software development teams, the Agile approach has the potential to drastically change things.
In spite of this preference, however, I'm also very open to alternative approaches because I don't want to see a monoculture develop. Right now Agile software development is in the limelight, but it's just one approach software development. There are lots of other, equally valid and useful approaches to software development out there. Rather than pretend to be Agile, these approaches should carve out their own niches. Sooner or later someone else will come up with a new approach to software development that will become just as hot as the Agile approaches are right now. Your challenge is to keep an open mind about every alternative and to select one that will work for your project, regardless of whether that process is labeled Agile.