So I gave more thought to this whilst I was at the gym. Let me test my assumptions here...
The legislation is very clear around 90 days stay for a tourist on a tourist visa and is very clear that the tourist has a right to extend this for a further 90 days in any one given year (defined from when they first enter the country) provided their purpose in Argentina is touristic. The law, however, is ill-defined when it comes to exiting and entering the country within that 90 day period; effectively, you get a new 90 day stamp each time you enter the country. Some have taken advantage of this and have used it (perfectly legitimately) as an opportunity to extend their stay in Argentina. In recent months, it seems that the customs officials (possibly directed possibly not) have exercised their power to eject or deny entrance based on the 'suspicion' that the person is not a 'legitimate' tourist.
If you stay over 90 days you are directly violating the immigration laws. If you stay over 180 days, you are (in the short term) taking advantage of the weak and ill-defined legislation and (in the long term) increasing the probability that at some time you will be questioned by immigration officials of your intentions and status as a 'tourist' in Argentina.
Am I loosely in the ball park here?
One size does not fit all.. In my situation, where Argentina is simply a place to stay (a "visa run") when I am not staying at my house in Brazil, it makes sense for me not to directly violate the law (overstay 90 days) but to 'interpret' it and have a renewed 90 day tourist visa through border crossings). Others, who see Argentina as more of a permanent arrangement, may come to other conclusions and strategic approaches.
Give me some feedback folks.. have I finally got my head around this 'more or less' arrangement...?