It seems pretty impotent to me if it is.
Let's assume, for the sake of argument, that they are merely 'spirit-directed', as opposed to 'inspired'. And let's assume that there is even a difference(other than semantics) to begin with. Neither claim is validated by the end result. Not when, under the direction of Holy Spirit, the words they print are subject to human error, and the constant need for correction(or new light). And not when, under the direction of Holy Spirit, corruptible men can be appointed to positions of authority, and often removed shortly after. So what, exactly, is the Holy Spirit doing for them? It's nothing more than a hollow claim, made for the sole purpose of garnering blind obedience from the flock.