A tape measure is not the one size fits all measuring device for the shop. Neither is the folding rule. Neither is the steel ruler. There are times you need all three for a project. A tape is great for breaking down sheet goods. It is great for measuring quickly without having to fold out a folding ruler. It is longer than a steel ruler.
A tape can be very precise (I didn't say accurate here) for a variety of applications, especially if it is the only measuring device used. Say your tape is 3/16" long over 6' - not super accurate compared to the rest of the world. But, if you measure everything in your project with this inaccurate measuring device, then the project will be precise in relation to itself. The worst is when you have four or five tapes all over the shop because they are cheap and they tend to get lost. If they are not precisely the same, then each tape will measure differently. If you only use one, even if it is inaccurate, at least you will be able to duplicate your measurements.
I had a boat building teacher tell me that you should never use a tape for woodworking because they are inaccurate. I understood his point, but for the reasons I mentioned above, I continued using them in appropriate applications. I never had a problem until recently. I measured and cut a 3"x8"x6' teak beam using a trusted tape measure. At $34 a board foot, you can understand the need for accuracy. Well, when I grabbed a second tape and checked my cut, it was 1/8" short. I went and looked at the other tape - it must have been dropped directly on the end hook and bent it inward. Measure twice cut once didn't help here. It immediately went in the trash. That is not a likely problem with a folding rule, but my folding rules are 6' long and difficult to use at full length.
Will I use a tape again? Yes. Will I check the end hook every time? Yes. Is it the best measuring device for all applications? No.
I use a tape for long measurements, a folding rule for most stuff in the 2-3' range when some accuracy is needed, a steel rule for roughly 4"-18", and calipers for the small stuff.
Man advances just in proportion that he mingles thought with his labor. - Ingersoll