Leaving aside the vexed lube/dry question, (which, IMO, undermines the torque wrenches usefulness in many situations) there's another aspect that I havn't seen discussed.
Torqueing seems to be a DYNAMIC process.
This becomes more obvious if you use a beam wrench, which is what I use on those rare times that I use one at all.
If you hold the torque at (or just below) the spec, the fastner is often still rotating. This implies that the amount of tension on the fastner depends on how quickly you apply the torque. With a click wrench it'd click and you'd move on, and might not notice this, but it'll still be an uncontrolled variable.
Torque wrenches seem a very imperfect solution to a problem that fortunately doesn't often exist.