I recently started knitting again using the basic knitting needles…then I decided to purchase a set of knitting looms to try them out. I really enjoy the fact that hats/socks are so much easier to make. But does that defeat the purpose? It being easier? I still am knitting on my needles too, I just believe that using needles is a craft need not be forgotten.
Is Loom Knitting Acceptable?
You can do whatever you want! There are no rules as to what tools you use. Some people even like to crochet! 
(Just kidding!)
If you enjoy it then it doesn’t matter what anyone thinks. 
No matter what route we take to accomplish our goal, the different tools involved are only a means to an end. If you enjoy the looms and like the end product, then use them. I too have been looking at the wooden looms for making socks and considering buying one from Hobby Lobby and probably will if I can catch them on sale or buy them with a 40% coupon.
It is most certainly acceptable. Just think of your [COLOR=black][FONT=Verdana]possibilities[/FONT][/COLOR]!
The socks, hats, double-knit scarfs and blankets (depending on the width of your loom).
You could combine “traditonal” sticks with the loom: how about a fine-gauge, soft yarn baby blanket—double knitted (the flattened tube) with a lacey border you’ve knitted around all four sides?
But what makes it most acceptable is if [I][U]you[/U][/I] enjoy it.
I haven’t used a loom but have considered it. I agree with everyone else, it’s a means to an end, and if you enjoy it, go for it. If anyone says different, ignore them. 
Totally off topic… I love your avatar. I have a pug named Rufus and a rescue dog that looks like… well, a corgi, dachshund, coyote I guess. I always joke I’ll knit him a tutu 'cause he looks like he’s dancing when he stands on his stubby back legs. The pug, not so much. But the coyote weenie dog definitely needs a tutu.
It’s personal preference. If you like the loom it achieves the same end result … I guess, never done it myself. I would think needles would be faster, isn’t it?
Thanks for rescuing. I’m a rescuer & foster mom too. 