So I started up a game as Spain after reading through this thread. One thing I ran into vis-a-vis choosing a Holy Site versus, say, a Commercial Hub - the Commercial Hub is a much more reliable adjacency bonus. Finding a river is a lot easier than finding mountains and forests (at least when you spawn in a jungle area). Also, focusing on Faith is sort of timing based - raw Faith is strongest if you can use it for a Monumentality Golden Age (the other stuff like National Parks and Rock Bands are CV-specific and come much later anyway). That requires that 1) you earn a Golden Age 2) you have lots of space to expand into (but haven't already expanded into). By not focusing on Holy Sites right away, my Faith generation was not synced up well with my Era Score (which I was having a hard time earning in that particular game - I was surrounded on all sides so I had to focus primarily on military/defense). I'm also being pressured by Buddhism and Japan after conquering my immediate neighbors. This is all stuff that I never need to worry about if I just ignore Faith. I just don't feel like focusing on Faith (ignoring whether I found a religion) is really helping me enough that I should go out of my way to do so. That could be because I haven't really practiced that playstyle, though.
In short (and one game obviously doesn't tell the whole story) it still seems like the best way to handle Faith/Religion is to ignore it unless you are a Religious-focused Civ and looking to do a Religious (or possibly Cultural) Victory. I don't really need Monumentality to REX myself to victory and building early Holy Sites still seems to just put you behind unnecessarily.