Motivated by past and recent analyses we critically re-examine the use of
effective lagrangians in the literature to constrain new physics and to
determine the `physics reach' of future experiments. We demonstrate that many
calculations, such as those involving anomalous trilinear gauge-boson
couplings, either considerably overestimate loop-induced effects, or give
ambiguous answers. The source of these problems is the use of cutoffs to
evaluate the size of such operators in loop diagrams. In contrast to other
critics of these loop estimates, we prove that the inclusion of
nonlinearly-realized gauge invariance into the low-energy lagrangian is
irrelevant to this conclusion. We use an explicit example using known
multi-Higgs physics above the weak scale to underline these points. We show how
to draw conclusions regarding the nature of the unknown high-energy physics
without making reference to low-energy cutoffs.Comment: 36 page