In our experience, FAA inspectors generally exercise good judgment when they come across these cases, and they will consider what may be technically in violation of the regulation and what may be practically in violation of the regulation. That said, let's examine the exceptions that may keep you flying in accordance with the rule.
One of the exceptions relates to a minimum equipment list (MEL), which permits takeoff with an inoperative instrument or piece of equipment if the MEL specifies and provides for it. However, most general aviation aircraft do not have a MEL, so this is not a very helpful exception for the type of flying the small airplane pilot does.
Another exception involves placarding coupled with deactivation or removal of the inoperative component. This exception is apparently intended to be helpful for general aviation aircraft, but sometimes even this accommodation may not be worth the effort when nonessential instruments or equipment are not working. This is because of the multiple tasks required to be accomplished in order to fly the aircraft, during the day in VFR conditions, to the maintenance shop to repair a landing light.
Let's look at the effort involved. First, the pilot or a certificated mechanic must make a determination that the inoperative instrument or piece of equipment does not constitute a hazard to the aircraft. Then, the pilot must determine that the inoperative instrument or piece of equipment is not "part of the VFR-day type certification instruments and equipment prescribed in the applicable airworthiness regulations under which the aircraft was type certificated." Depending on how old your aircraft is and which component we're talking about, it could involve quite a bit of research to discover the airworthiness regulations that were in effect when your aircraft was manufactured.
Then, the pilot must look at the aircraft's approved flight manual or owner's handbook to discover whether the inoperative instrument or piece of equipment is required by the aircraft's equipment list. Next, the pilot must look at the operating limitations to see if the inoperative instrument or piece of equipment is required for the intended operation, such as VFR, IFR, day, and night flights. Following that is a look at FAR Part 91 to verify that the inoperative instrument or piece of equipment is not required by a regulation for the specific kind of flight operation intended, such as VFR day, VFR night, or high altitude.
After that, more work still needs to be done by removing or deactivating the device and appropriately placarding it. Now your flight may take place. But, at the next required inspection of the aircraft, the inoperative instrument or piece of equipment must be repaired, replaced, removed, or inspected. At this time, if the item may remain inoperative, only a mechanic can authorize the continued required placarding and must make the appropriate maintenance entry. The pilot's responsibility is to ensure that the mechanic does this before further flights in the airplane are made.
So, this regulation makes sense, but it also doesn't make sense. Either way, it is a regulation that the pilot is charged with knowing and understanding - and one with which a pilot is responsible for complying. Watch that everything is working!