Thus far, in spite of many interesting developments, the overall progress towards a systematic study and classification of various 'strange' metallic states of matter has been rather limited. To that end, it was argued that a recent proliferation of the ideas of holographic correspondence originating from string theory might offer a possible way out of the stalemate. However, after almost a decade of intensive studies into the proposed extensions of the holographic conjecture to a variety of condensed matter problems, the validity of this intriguing approach remains largely unknown. This discussion aims at ascertaining its true status and elucidating the conditions under which some of its predictions may indeed be right (albeit, possibly, for a wrong reason).