The Money or the Box

[Rock]

As a relative innocent in relation to matters Rolex, perhaps more experienced members could educate me on the 'importance of Papers' in relation to a Rolex purchase.
I can see that a given standard of watch with Box & Papers usually sells for a higher price. Am I correct in thinking that the value of the Papers is:
1. It verifies the date of original purchase and therefore how long the watch has been in circulation. (We know its rough build date from its Serial No.)
2. More importantly, it verifies the build specification allowing some insight into whether dial, bezel etc has been changed.
I am preparing to purchase my next Rolex, probably from TRF sellers, and am thinking about whether I need to be looking for B&P as an essential requirement.
I bought my Cellini with B&P & aside from the Papers telling me when it was first sold (several years after build) I am wondering if they really add value.
Thanks in anticipation....