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Most modern sabermetricians will use xERA, FIP, or some variation thereof, skipping to the bottom line, to peg a pitcher's talent.
James, and I, start with K/BB because it's a more direct talent indicator. A guy with excellent K/BB, but questionable results (ERA, FIP) will frequently show you the great results later.
By the time you back a guy due to his ERA or xERA or FIP, it's too late. Everybody knows he's good.
When we over-emphasize FIP in forward-forecasting, we're making fundamentally the same philosophical error that sportswriters used to make with ERA. "Show me the results, and then I'll jump on the bandwagon."