Shiv, I agree with you that B&W images being better made in the field. At the same time I think it needs deep understanding of color science to decide what color filter I need to put infront my lens to make an artistic B&W image. If I persue B&W I will do so for artistic expressions not for faithful representation of nature (does it make sense in B&W anyway ?). Wish I had that deep understanding of colors. I know some folks who hand made color and B&W prints during earlier days have enormous understanding of color. Given a subject they can fairly accurately tell us splits of RGB components which most of us lack (I am one amoung them). Fortunately technology helps us overcome some of those in experiences.
Mahesh, I agree with your usage of B&W to photography legacy subjects. Personally I think it can help portray the nature too in interesting ways. Other day I was looking at
Nick Brandt's images of nature in B&W which you may want to check. Look at mastery of light and shadows and artistic appeal there. Of course some of them may fall into digital art category due to kind of processing done on them. The point I wanted to emphasis is artistic appeal he has brought out in those creations using B&W as medium of expression.