Doesn't using a priority mode give you just as much control as manual though, just in a different way?
I am still a newbie, but I thought that if you use for example apperture priority mode, you can control the shutter speed by changing the ISO, and adjust over / under exposure to your liking by using exposure compensation. To me it feels like this achieves close to the same results as manual, but faster? You don't have to worry about correct exposure, and if you still don't get the exposure you want you can adjust by using Exposure Compensation or am I mistaking?
(may be my lack of experience talking here)
The answer is yes and no.
There are times that shooting manual make more sense.
For example, you need to shoot about hundred products and they are about the same size. So you setup the environment and the lights. Then with the camera on tripod, set the aperture (give enough DoF), shutter speed, ISO value and light power manually. I usually focus the subject manually or AF the subject then set it to manual focus afterward. With that, all you need is put the subject in the desire spot and "Click". After you done with the first one, replace the subject and "Click" again.
With that, I can go through hundred of items pretty quick.
Same thing apply to constant environment.
I agree with you that exposure compensation works great. However, knowing where to spot meter with exposure works even better for me. i.e. day time shooting outdoor with grass field. I will spot meter the grass with exposure lock and then recompose and shoot. Or spot meter a lighter skin person's face and then recompose. If I spot meter a darker skin person, I may need to use exposure compensation.