I myself race and drift. Most of the times however, I drift. Seeing as I never learned to race and concentrated on being good at drifting, I never thought much about driving techniques. Although, I now find that many of the techniques are transferable. Much of what I learned through drifting in means of weight transfer, heel and toe, trail braking, and so on are used every lap of a race. So in my opinion, in terms of car control, drifting and racing are not so entirely different. The fact that many racers can also drift is proof enough of this.
Drifting was dirrived from rally racing in an effort to go faster in the mountain passes, however, it soon developed into more of a way to show off your car control. This aspect has been lost in LFS if you ask me. Many new people coming into the drifting scene are very young and have no concept of technique. This gives the older and more serious drivers such as myself and others a bad reputation.
Not all drifters are bad, but a majority of them have attitude problems that need to be adressed. But this is the Internet, so a 10 year old can act like a 30 year old and no one can say anything to make him stop. This is a major problem that is slowly distancing me from drifting in LFS. But this is also an issue in racing no doubt, but it just doesn't seem to be as prominent. I feel this is the biggest deterrent for anyone who looks upon drifting as any sort of a serious endeavor. They are quickly discouraged by these immature few that taint the sport. And to try and compare modern drifting to anything in the past is rediculous.
F1 drivers used these techniques to negotiate rough courses with ill handling race cars and under developed tires. Due to the changes in technology, drifting has become merely another way to show off. Not a form of racing, or way of becoming a faster driver. But in the end, its all a matter of opinion.
No one is right or wrong. Drifting or Racing, its all based on individual preference. To say one is better than the other is not possible. You cannot create a general consensus from only one opinion. This is a decision you have to make for yourself. I trust that you will all look at both sides of the story and find which one suits you better.