I come from a non-fiction background, and I think that I tried overcompensating by using a lot of action tagged dialogue when I first started getting into writing fiction in earnest. After one of my submissions here, I was told, fairly categorically, that action tagging is frowned upon. I changed the way I wrote, giving the 'said' tag a lot more play in my writing.
I'm starting to think that, like any other tool, action tagging has its place. In the first draft of my last fiction novel, I used a lot of action tagging in the early stages, before I was steered toward the 'standard' tags.
I found that, as I reread it, I got a better sense of my characters in the early half of the book. With less action tagging, I found the pace of the book seemed to pick up considerably. Of course, it could be that I was actually writing a bit tighter, but the pacing worked out in the end. It worked because character development was the goal of the early stages, and then the crescendo needed that tighter pacing.
I find action tagging is a great way to invite readers into some of the nonverbal communication that is going on. I do think, however, that too much of it may become a bit patronizing to the reader. I wonder if it's hard for all novice writers like myself, but at some point I know I have to trust my reader.
I don't like the 'said' tag being used a whole lot as a reader, and so I'm disinclined to use it exclusively as an author. At the end of the day, I have to like what I write. After all, I may be the only one who ever reads it.