I agree that there's a balance between the two. My ideal team is probably a quarter that know core CS concepts and how/when to use them and the other three quarters devs can write good code whether or not they know core CS concepts.

The part that makes me frustrated enough to comment on this is that I've found that a lot easier to convince a dev who doesn't know Big O that they need to than it is to convince a dev that does know Big O that it's not always necessary. Convincing is significantly harder if the dev graduated from college in the past 3 years.