Sure, but I don't think any theory would last very long at all if it conflicted with observation!?

I don't see how the current cosmological model conflicts in any way with astronomical observation. The cosmology might not be complete...there are still shadow areas we need to clear up...but I think generally it's a very good interpretation of astronomical data. Not only that, but new data coming in seems to reaffirm the theory (not contradict it).

Also let's not forget that the THEORY quite often makes predictions (eg black holes, gravity lensing, etc) that are later confirmed by OBSERVATION!!

I'm optimistic we're on the right path. I don't think it's all one big convoluted daisy-chain of hot air!? (Then again, maybe it is...!?)