As an old school 'power' electrical engineer, I am amused by the extreme views expressed in this thread.
Be that as it may, this forum caters largely to power electronics users, and they would be concerned with how less-than-ideal a practical transformer would work in their circuits. A most common application would be a 'mains' transformer feeding a capacitor 'input' rectfier. In dozens of other posts in our forum, I have read, with amusement, it expressed that the dc output voltage of such rectifier would be the peak of the applied ac, less for diode drops. In a practical situation, the average dc voltage would be far lower, perhaps closer to the effective ac itself. And it is just not due to the Idc drawn dropping voltage in the transformer resistance! Or even leakage 'inductance'.
Yes, the transformer impedance is the culprit, but what multiplies it is not the Idc at all, but the many times larger peak cap charging current. After the serious drop, the cap will charge to much less than the 'peak' taken for granted. The large fast rising charge current is much more curtailed by the inductance than the resistance of the transformer, because it has much higher frequency components.
Even with 'small' transformers where resistance may predominate over reactance, the latter is not negligible at all in cap input rectifier application. Wise designers use practical 'curves' to substitute rules of thumb. Or end up with having to up the transformer specs after test!