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I'm pretty sure the DIPS metric (something those sabermetricians devised fairly recently) relies heavily on those three stats you mentioned. It's supposedly a pretty reliable way to rate pitchers.

Leaders among qualified starters this season:

1 Pedro Martinez NYM 2.65
2 Dontrelle Willis Fla 2.71
3 Roger Clemens Hou 2.77
4 Jake Peavy SD 2.77
5 Chris Carpenter StL 2.85
6 Johan Santana Min 2.86
7 Roy Halladay Tor 3.06
8 Mark Buehrle CWS 3.10
9 John Smoltz Atl 3.15
10 Andy Pettitte Hou 3.18

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Seeing two former Yankees on that list really makes me want to puke.