Luminosity Masking with the Color Range Tool – YES or NO? (Photoshop Tutorial)

Someone asked me recently what the difference is between using the Channels Panel to create Luminosity Masks versus using the Colour Range Tool.

I have to admit, I've played with the options in the colour range tool a couple of times, but this question prompted me to look into it a bit deeper.

And here's an overview of what I found.

Let me know your thoughts, or if there's something glaringly obvious I'm overlooking – leave a comment below!