The "value investor" concept I personally think just makes sense. After reading Ben Graham and Warren Buffet books it is the type of investing that is relatively simple to pick up and learn.
If the whole idea is to buy good companies for less than they are worth, then stock market crashes provide a great time to do this.
However, stock market crashes only come around every so often. What happens to the value investor's investments when the stock market in general isn't in a crash/recession, etc.