First, it’s not such a clear distinction. Count me as a geochemist that is skeptical when it comes to the hypothesis that asteroids are the primary agent of extinction. Astrophysicists, such as Louis and Walter Alvarez (the formulators of the “Alvarez Hypothesis”–the Ir-layer at the K-T boundary equals asteroid-impact induced extinction hypothesis), as a whole do not entertain alternate theories, but you might be able to see a little bias for a pet hypothesis there. Paleontologists seem to be more evenly split. Guys like me have an opinion, but it’s not our realm.
I agree. The geologic record is full of extinctions. In fact, the whole geologic time scale is deliniated based on faunal assemblages; i.e., the Cambrian is defined based on some critters that aren’t seen in the Ordovician. Why? 'Cause they went EXTINCT! Before we worry about the BIG causes of extinction, we’ve got to ask the basic question: why do some critters go extinct and others don’t? And, really, the answer is simple. When an environment changes, organisms that can adapt do; organisms that can’t adapt don’t, and gradually become extinct. On a modern scale, consider urban development. Some poor creature that has a very restricted habitat and/or diet may be deprived of those things; if it can’t adapt (find a new home and/or diet), it will die. Animals that can adapt (Squirels, Racoons, Pigeons, etc.) thrive.
So, a change in environment causes extinction of only those critters that cannot adapt. What causes environmental change? Tons of things; the geologic record is full of good reasons: tectonics (plate motion changes ocean currents that exert strong control on climate), volcanoes (enough of 'em erupting enough stuff), and–yes–even asteroids (the rarest of events). Consider the Eo-Oligocene, the largest mass extinction since the K-T. It follows a period of time that saw widespread, massive volcanism in the American west. The Oligocene was the start of a cool-down that cummulated in the Pleistocene Ice Ages, that we’re only now (over the past 10 ka) starting to recover from.
Not really, which is why I’m suspicious of a Permio-Triassic impact as the instigator of this event. Thecodonts, ancestral dinos, evolved during the Permian and survived the extinction while poor bastards like Trilobites kicked the bucket. Yet, the dinos–not much different from Papa Thecodont, all died at the end of the Cretaceous, along with such critters at the Ammonites and Rudistds (while Frogs, most Mammals, etc. were left alone). What happened during the Permian? Pangaea came together. What happened during the Cretaceous? Pangaea had completely split apart (this had begun in the Jurassic). Sounds to me like a tectonic control shouldn’t be discarded.
Now, there is no denying that asteroid impacts happen; there is ample physical evidence for that. But it sure isn’t a good one-size-fits-all model for mass extinction. Extinctions happen because environments change and some animals just can’t adapt. And there’s a bunch of things that can cause the environment to change.