In the article I have referenced several times in recent weeks, "Busting Out of Sermon Block" by Haddon Robinson, he discusses the importance of context. He says,
I study the context for flow of thought. I usually get more preachable insights from context than from studying the grammar and word structure of the original language.
I think that not only are there more preachable insights, but you are actually going to get more to the point of what the writer was saying. It is fun (for me) to look at grammar and word structure, but it is too easy either to go off on a tangent or to emphasize something because of the meaning of a specific word on word structure that is not actually emphasized (or even SAID) in the passage.