The 2 hour post-meal BG test tells you whether your meal-time insulin dose was correct. So if you don't take a 2 hour post-meal reading, how do you know whether your insulin dose was correct? The answer is, you don't. If your basal dose is incorrect, then pre-meal readings are going to be influenced by your basal insulin as well as your fast acting. Then how do you figure out if your fast acting dose was correct? The answer is, you can't. If your basal is correct, then how do you know whether the food you are eating is not causing your levels to spike? The answer is, you don't know. Also, don't expect your insulin:carb ratio to be static either long term or throughout the day. If you don't take a 2 hour post-meal reading, how do you know it's consistent? The answer is, again, that you don't.
Therefore, the 2 hour post meal reading is essential if you want to maintain good control. It irritates me that health care professionals - supposed "specialists" - are saying that you don't need to do a 2 hour post-meal reading. Sure, if your basal level is perfect and unchanging, your insulin:carb ratio is perfect and unchanging, you don't suffer spikes, you eat the same thing every day and your levels are persistently perfect after eating, then you probably don't need to do the 2 hour test. But how many of us out there are like that? Not very many, I imagine.
Correction doses between meals (i.e. > 2 hours after eating) are fine so long as you don't stack a load of correction doses on top of each other. If you do stack a load of correction doses together, chances are you'll end up hypo. The 2 hour reading should be roughly consistent with the pre-meal reading. Insulin profiles have been designed to roughly match the glucose profile from ingested food. So you should aim for the pre-meal, post-meal and 5 hour after meal readings to be roughly the same.
Personally, my levels are very stable and so I know if my levels are > 7 mmol/l 2 hours after eating, I'll give myself a correction dose and I won't end up hypo. I wouldn't advocate correction doses when you are in single figures, unless you have stable levels and are confident that it won't result in a hypo. But, if you are say (this is a subjective figure) above 12 mmol/l more than 2 hours after eating then I think a correction dose is required and you probably need to have a think about why you ended up at 12 mmol/l.