i read the best analogy i ever encountered for my attitude to ritual in a book by douglas adams (the long dark tea-time of the soul, maybe?): Iron filings. Iron filings by themselves aren't particularily valuable or important in their own right, but when you sprinkle them on a magnet, suddenly they emphasize things that were always there, but not necessarily apparent.
Personally, most of the explicit examples of ritual in my life i encounter through my martial arts. While i don't think there's any intrinsic link between, say, bowing and respect, i do think that mentally attaching them together and practicing the ritual of bowing helps to emphasize and remind me of the respect i have for my teachers, my school and my discipline as a whole. And while i could probably learn just fine without the brief meditation we have at the beginning of class, i find that it helps me focus more on practice by creating a separation from my martial arts and all the "everything else" that could distract me from it.
Basically, i think that while the form of rituals is often arbitrary, they can be employed for useful purposes.