This topic has been on my mind a lot the last several months. My undergraduate education made me somewhat schizophrenic on the matter. In my major classes, we took a mostly descriptive approach to the language; that is, we analyzed English as it is, not as anyone claimed it should be. But in my editing minor classes, we took a mostly prescriptive approach; that is, we discussed what was correct and incorrect and how to spot the difference and fix problems.
I used to be regarded as somewhat of a grammar nazi, and I probably still am to a degree, but I've noticed a marked shift towards descriptivism in my own point of view. Icarus once called me a "grammar free-love hippie," but I don't think that's really accurate, either. Many prescriptivists seem to see it as a battle between standards and moral decay, between enforcing the rules and saying that anything goes, but isn't at all how I see it. I see it as a matter of choosing where your standards come from—the people, or the self-proclaimed pundits.
On the other hand, I, like many people, believe that a pure democracy is neither realistic nor desirable. I think that the standard should be based on well-informed, educated usage and that it should be as logically consistent as possible. I'm thinking about writing up a list of overarching grammar and usage guidelines and fallacies. Any thoughts?