"While I agree that catch-alls can be a problem, in small service companies they can be a life (company) saver."
There's a difference between external mail and internal mail in this respect. And the larger the company the greater the probability that there will be legitimate internal mail that's above the monitor's level of responsibility.
If you think you need a catch-all make sure everyone knows about it and whose will be reading it. At least anybody who's sending anything sensitive (personal or business) can either take extra care with addresses or choose not to use email. Shock-horror - other methods of communication exist!