I think it's nice not to rely too much on a calculator, whether it's forgotten or forbidden. Approximations can be useful on exams when you want a good guess at the answer to see if it's somewhat correct. Evaluating decimals are often better than $\dfrac{e^2}{\pi}-\sqrt3$.
For instance $e^2$ can be approximated as $\left(\dfrac{5}{2}\right)^2 = \dfrac{25}{4} \approx 6$, but $e^2 = 7.238905...$ so it's not a very good approximation. So what are some nice convergent approximations for commonly used functions? I'm thinking mostly of functions like $\ln$, $\exp$, $\sin$, $\sin^{-1}/\arcsin$.
I don't agree that "Evaluating decimals are always better...", but
$$ x_{n+1} = \frac{1}{2}\left(x_n+\frac{x}{x_n}\right) $$ converges to $\sqrt{x}$ quite quickly.