Check out this rather astounding video of Pat Metheny demonstrating his warm-ups routine. On the fly, he improvises chord etudes... That's right, just makes em up on the fly... gulp!
Pat is a true genius and quite possibly the greatest guitarist of our time. I am sure he spent considerable hours working this up to this level. What this demonstrates to me is how important the focus on practicing being musical is. If you PRACTICE making music... AT ALL TIMES. When you play live, that is what you will come out. So even when working on mundane scales and arpeggios, with Pat's approach, you can learn the fingerings certainly... But also something far more valuable - how to use them musically.