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The math of course favors going for it much more often than coaches typically do, and (particularly Shaw). That being said, looking at the teams highlighted (recent national champions), while Clemson bounced around a bit, Alabama, OU (especially recently), and especially Florida State all ranked near the bottom of going for it. To some extent this makes some sense. Going for it is a risky strategy, that increases the reward (and most likely outcome), but also increases the risk. Although over the long run, the math favors the bold, on any particular game you could wind up short. Thus, if you are a good team who should win anyways, the benefits of going for it on fourth down usually don't make a difference on the outcome of the game (you would win anyways), and increasing the margin is of limited benefit. On the other hand, going for it and missing out increases the probability of an upset. The best example of this is the "Greatest Upset Ever", which wound up being a 1-point Stanford win. You might remember that USC had a 4th and goal at the Stanford 1 right before the half. USC went for it, and Chauncy Washington was stopped short of the goal line. At the time, it only seemed like it would affect the final margin, but had SC kicked the field goal, the Pritchard to Bradford heroics would have left us down 2 points, and likely we would have had to settle for a moral victory. That's not to say that Pete Carroll made the wrong call, but the call did increase "beta" in the game, and as a result we improbably won.
BC