The New York Times has published a debate on the value of zoos for conservation: Does Captive Breeding Distract From Conservation? - Room for Debate - NYTimes.com
It is as pernicious / stupid as the title implies.
Why do we never get titles like Does conservation distract from real captive breeding? Exactly, because that question is as irrelevant as the one above.
If people are not aware something is rare to be conserved they will not care. Simple as that. Hence, the very essence of modern day zoos.
Many of these animals are kept to attract visitors and zoos should be honest with the public about this and not pretend that the animals are being bred for 'conservation purposes', when there is no intention of reintroducing individuals to the wild, even if there were suitable habitat available.
Zoos could save many more species than they do at the moment. Unfortunately, many zoos are cutting the number of species they keep, while spending large sums of money on popular species that they no longer need to breed at the current rate.
It's really a case of honesty and balance. If a zoo keeps tigers to attract customers, does it really matter if they are white tigers?
Even in the scenario you describe it's possible for the zoos to argue they're holding the animals for conservation on the basis that they're a "life boat" for the species in case of extinction in the wild. You may argue the amount of a species held is unnecessary and over prudent but at the end of the day that's only one perspective and I'm sure the zoos can argue their position well too -this would always give them the wiggle room to throw in the "C word".
However, you mention that the public are drawn in by the hype, which is definately true, but can zoos actually turn that around? Can zoos pysically get the public more interested in the smaller, lesser known species to the point where they will be comfortable with their zoo going out of elephants/rhinos/tigers etc?
Also, to get to your quoted point, I think this definately DOES matter, and it's one of the main points I have to disagree with. If it was purely conservation my standpoint may be different, but white tigers is a case of animal welfare and that, at the end of the day, plays the largest role in enclosure design for me.
The majority of the customers that cross a zoos portals are the general public, not hard core zoo geeks, so they are happy to pay £50+ for a family day out at a good zoo where they can 'look at the funny monkeys' and 'watch the tiger babies play' etc etc - if you asked them instead to give that £50 to help save a lesser known species from extinction in a far flung land they would more than likely laugh in your face. You have to engage them in the campaign as well as give them value for money.
It's a balance always between providing the paying customer with a day of valued entertainment, making sure your education message gets across and hopefully highlighting the plight of the lesser known, critically endangered species that are hanging on by a claw along the way.
The maybe more informed and involved members of that zoo are the ones who generally put their hand in their pocket more for the sake of conservation without necessarily demanding something for their cash.
Anyone who's done any fundraising knows you will always get more cash in from the public selling raffle tickets that you will from just waving a collecting tin under their noses and zoos have to make that balance too.