I have seen so much in SO these days. (Here, here , and here for a few examples.)
According to Wikipedia , Lisp is the second oldest programming language that is still in use today (knocked out by Fortran). Functional programming is nothing more than a quirk than a transistor, mouse, computer monitor, hard drive, or indeed the very concept of a personal computer, none of which were at the beginning of Lisp in 1958. It is true that functional programming may not be particularly useful in a typical business environment, but its waxy and diminishing levels of popularity do not make it a fad or make it a toy. Programmers with a strong appreciation of computational science understand that functional programming is not so much an invention as a discovery - a deep understanding of the fundamental nature of computing.
As for your question, if programming is your day job (as opposed to true passion), is F # a waste of time? Probably in the sense that it is unlikely to ever become popular enough to guarantee, among other things, your resume. It is also worth noting that if you spend time studying F #, but none of your colleagues can understand your work, you can do more harm than good by choosing it as a development tool. This still does not make it a "fad." :)
As for MVC, it has been a long time, perhaps more than a decade, but I am not tracking. This is not a silver bullet, and it is difficult to understand; it is just another development model. It is also worth noting that MVC is not a standard or even a very well-defined technology. There are many different ways to interpret MVC, and I would even venture to say that there is more than one correct way to do this.
MVC is especially useful for web development because web applications have very dirty external code (supporting all of these browsers is a real pain), and the last thing you want is to get your business logic bogged down with an interface unnecessarily. Unlike F #, learning MVC is not a waste of time, even if programming is just a one-day job for you, because if you ever work on a web application, adhering to MVC (even just adhering to it) can save your ass from professional embarrassment.
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