Mostly the second. I'm saying that it is, in many respects, a tired subject that verges on cliche, and every time someone mentions it, the equivalent of angels in the AH.com cosmology are rewarded for their tireless efforts in instilling hope that the HRE might be centralized in the hearts of all those with less than optimal understanding of the internal workings of the Empire (i.e., everybody).
And I include myself in that last bit. "The Holy Roman Empire: God's Own Clusterfuck".
It might have made sense in the 13th and 14th century (and earlier).
But by Vienna . . . God's Own Clusterfuck indeed.
IMO, centralization - at least in any recognizable form to what we see in other countries that made it - died with the Staufen, or at best Albert I.
Later efforts are going to be a political mess as the "byzantine" workings require less a strong Emperor and more one able to manipulate a disorderly system.