I think this subject may rumble on for some time!
But as correctly said by others the phenotype, what the ram looks like will not always indicate his genetics and progeny. which is why so much work has gone into EBVs and genetic performance.
We have completely turned the Hampshires around from being a fat overstuffed waddling breed into a terminal sire of impact with fast finishing lambs with good food conversion.
Talking of food conversion. I feel this is the most important aspect if your lambs don't have the genetics behind them to convert the food they are given you are on an uphill battle right from the start.
Showing from my point of view is more to show other breeders what i can produce. yes they are fed more, a skeleton will win me no prizes but niether will a fatty, it is a balance.
My word of warning is remember that a show winner may just be a one off.
I know a ram that has won a lot this year already but if you went to visit the flock the rest of the sheep don't reflect this ram, they are very inconsistant. A commercial man is looking for consistancy not the occasional fast finishing lamb, that's why it's figures are important, they should reflect his abilities accross the whole flock. It is a science and a question of picking the right ram to match what type of ewes you have, with a bit of good luck thrown in as well