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Fra said:About counting black hole states, I still consider that to be somewhat semi-classical and speculative as it's "results" arrived at my extrapolating things from different domains to some QG domain. ST has made some success there, to connect to semiclassical approximation results but I don't know how the entire notion and view of entropy, and states will be once we have a proper theory. Most treatments of that, make extrapolations of things into doubtful context - where we in fact lack experimental confirmation of methods.
The whole point of the extrapolations done in these computations is that they are exact in the full quantum theory. This goes far beyond semiclassical analysis!
One thing is clear that string theory works extremely well and makes sense as a _physical model_. It is based on physical principles and produces, for example, scattering amplitudes that can be measured in principle, so it is _not_ just a mathematical game. Whether it actually describes nature is a different question.
I would view it analogous to "gauge theory". The detailed study of the various incarnations of gauge theories (susy eg) is certainly a subject in both physics and mathematics, and has provided many important insights into the real world gauge theories like QCD.
"String theory" is simply the natural generalization of gauge theory when including gravity; and as said before, it is intimately tied to it due to dualities. One should consider both, gauge and string theory, as part of one package.