To Bin or Not To Bin

(Alternate abstract for arXiv:0710.0373)

To bin, or not to bin: that is the question:
Whether 'tis nobler in the mind to suffer
The forms and functions of parametrization,
Or to take the square root of the Fisher matrix,
And by diagonalizing end them. To decorrelate, to weight --
To weight, perchance to nonlocalize: ay there's the rub,
For in that decorrelation what noninterpretabilities may come
Must give us pause.