I wrote recently that I decided to take my Veritas low angle smoother as the only bench plane in my travelling tool kit. The main reason for this was that I have a set of four blades from 25 to 50 degrees and a toothed blade. I reasoned that I would be able to accomplish a wide variety of tasks with only this plane.
In fact, the plan worked. I was making drawers and preparing the stock by hand. I could use a 25 degree blade for the end grain and a 50 degree blade for the face of the douglas-fir I was using for sides to avoid tearout. Look at the tight shavings that it produced:
I could readily adjust the mouth in only a second. The major downside was that I had to keep changing blades, which was kind of annoying. You can in fact do woodworking with this as your only plane.
Based on this, you may expect I will now argue that bevel-up planes are the way to go, but that isn't the case. Because of all the tearout I experienced with the slabs I was working on recently, I became a lot more sophisticated than I was with adjusting the mouth and chipbreaker on my vintage bevel-down planes and I am reasonably sure I could have accomplished equivalent results with them. I'm not certain, but I suspect you can get a higher effective angle with a chipbreaker than the 62 degrees you can get with the Veritas plane. The fact that it takes more time to adjust them isn't really an issue in a shop because you can have several set up differently. You can have ten for the price of the Veritas plane and extra blades.
The one area where I think the Veritas plane is superior is end grain. Lee Valley says, "(i)ts low cutting angle of 37° minimizes fiber tearing, making it ideal for end-grain work." I think that's true. I was actually getting full width shavings on end grain, something I haven't figured out how to do with a bevel-down plane. I have also found that it is much more comfortable to use on a shooting board than a bevel-down plane. This isn't to say that you can't do great endgrain work with a bevel-down plane because obviously you can.
My bottom line is this. You can get great results with either type of plane if you have the necessary skills. I think the bevel-up planes may be slightly easier to learn to use. When I am at home, I keep the Veritas plane set up for end grain work and use my bevel-down planes for most other purposes save for occasionally dealing with tough tearout.
I feel very fortunate to have these vintage planes: #3,4,5,5 1/2, 6, 7, 10. The only one I don't often use is the #6. I wouldn't dream of parting with any of the others. Same with the Veritas smoother. I suspect that if I got into wooden planes I would feel the same way about them.