Long time readers know that I think language evolution and development practices aren't studied enough
Not sure, whether they are studied enough or not, but there is defenitely not a lot of results in the area.
There may be various reasons for that, either users of social sciences ignore computer science, or users of computer science are not skilled in social sciences ("or" here is neither exclusive nor exhaustive).
Obviously this is less sexy that C-T
Do you think merits of CT are overhyped? As a neophyte I am a strong believer CT is great at providing a meta-theory to develop theories, a methodology for research, a language for discussions, eh, well, Goguen already mentioned all this :-)
Of course, no tool can substitute genuine thought... But it can help a lot. If only studies of programming communities could be performed as comfortably as studies of, e.g., universal properties, I believe we would see much more results than currently. Should we ask professional anthropologists and ethnographs to study history of Linux or JBoss? And how real was the infuence of cult of personality on the development of some languages? And how faster it is to deploy a bazaar compared to a cafedral?