I was also of the opinion that using loops or pseudo loops was fine for urgent purposes and that it didn't matter.
I was then duly (rightly) chastised by Jeff Moden and other anti-RBAR crusaders and have now accepted the ultimate truth.
Loop is a dirty word in SQL.
Arguing otherwise is futile for many reasons but the one that hits home for me is that there is nothing more permanent than a temporary solution.
See Jeff's avatar? That's him smashing the death-star of row-by-row techniques like a paladin smiting evil where it lurks.