Thanks for the post, I agree in general with your vision. Just wanted to point out an additional benefit of code coverage: helping you find dead and old code. I'm currently working on improving coverage on a big and 8-years old codebase that started at 80-something % coverage, and in doing so i'm also deleting and refactoring a lot of code.
The files with less coverage are usually also the oldest ones, or the ones people considered not important enough to add tests to. So if they're not important, there's quite a chance that time has rendered them useless now. We also have full integration tests on top of unit tests, so if after running the whole suite there are part in the code that haven't been executed, there's a real chance they're somewhat meaningless.
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