Well, one of things about inerrancy is that it also has a pastoral dimension. It's not simply a doctrinal issue. In the light of the wide range of readings - the liberal, you might even call it the modernist, exegesis and critique of scripture, over against the fundamentalist ideas on the inerrancy of the Bible - I think that there is an apologetic value to some attempt to clarify that question. What I could call the view of an uncritical literalism is the kind of view that the modern, aggressive atheists hold up as the basis of their critique. How can there be a God, if this is what he's speaking, what he's revealing? They look at that as a kind of negative proof.
A significant interview by John Allen with Cardinal William Levada, the Prefect of the Congregation for the Doctrine of the Faith, over the recent Synod on the Word of God.