Well... its good as a theory, but it can only be proven through a unification of physics, and the way Hawking has been talking recently, i don't think he thinks it is possible... Renormalization, as you might know, has already been under heavy scrutiny. As i was told today, even Feynman said it was a ''dull theory,'' but we had to put up with it, because nothing else can answer for it. How are you anyway?
Well, I don't think your statement is strictly true. It is true that we can never understand the parameters in the standard model unless we find some UV completion, however, renormalization as a procedure for dealing with effective field theories is well proven.