In all seriousness, here's my thoughts. You have to think about what the hooch represents. It's basically the "waste" products of the organisms (byproducts of fermentation). So in there is a ton of flavor and essence of what you're growing. Remember, it's the products of fermentation and NOT the organisms themselves that gives your crust that flavor.
When the organism have depleted their food source, (Sugars, etc.) they will go into what's called stationary phase growth. For some yeasts this involves a transformation of the cells where they enter into a low metabolic state, cell walls thicken, etc., so that they can survive longer. You will probably see "hooch" before the cells do this, so seeing the hooch isn't necessarily a sign of stationary phase growth, but it's a good indicator the cells are headed that way. The only downside I see of mixing the hooch back into the starter is that it probably alters the pH and doesn't really promote the cells to "grow" again into log phase. Log phase is where the cell numbers will double every hour or so, the peak of yeast cell division so to speak. So by mixing in the hooch it will theoretically take more replenish cycles to get your starter really active again. Probably makes them more "sluggish" until you have gone through two or more rounds of replenishing. By doing the replenishing procedure, you are adjusting the pH back to a normal environment for the yeast and diluting out any bad compounds in the hooch. This effect depends on your replenishment schedule, whether it's 1:1 or 2:1, etc. This may not necessarily be true for all starters, it really depends on the cells ability to switch from stationary to log phase. Some yeasts do it easily, some not so fast.
The other effect pH has on the environment is the ratio of other organisms in the culture, for example lactobacillus. I don't recall the actual numbers, but I think a low pH (acidic) environment favors lactobacilus growth. So changing the pH will affect the balance of these organisms in your culture as well.