Approximate relative to what? All actual measurement is implicitly or explicitly approximate such as L = x meters +/- epsilon. There is no infinite precision by which to discount rational measures as "approximate" and thus "invalid" in any way.
>What do "real" numbers buy you? That is, what do you get for the trouble of building your formalism around numbers that are not computable? Basically nothing.
You "buy" all of mathematics which operates on the assumption of "infinite" precision. It is an abstraction necessary to prove theorems and relationships of math. Abstracting from precision isn't a denial that it exists, it is the assumption that I can ignore it or leave it undefined. This is the assumption that distinguishes math from physics/engineering. Mathematicians deal with abstract e or pi but in the real world pi=3.14 if you are tiling your patio and 3.14159265... or whatever is necessary to get to the moon.