It depends I think. My experience has been that many people simply don't do well in "real" (i.e., formal and proof-based) math classes. Not to mention, a deep understanding of calculus isn't necessary for doing a lot of engineering, which provides most of the students in a lot of university calculus courses. On top of that, even if you start with an analysis-like approach of teaching calculus, you ultimately will have to spend some time plugging-and-chugging to get used to working with calculus on a practical level.
On the other hand are people like me, who really don't do well with learn by memorization type classes, but does well in classes that are theory first, with a thick layer of application over that.