I don't know what to call it, but I'd say that the language of the constitution reveals principles of liberty and the restraints on government. I prefer to consider the principles binding, so that we task a court interpreting the constitution to decide how a context that wasn't explicitly defined before best suits those principles.
That came out wordier than I'd like, so I'll use an example instead, what I hope is an easy one. Freedom of speech and the press. It's a pretty easy and obvious interpretation to realize that doesn't just encompass spoken words or content made on a literal printing press. It refers to freedom of expression, in any media... spoken, written, painted, sculpted, sung, printed, electronically transmitted, or any other form of communication we may not yet have invented. The constitution gives us that principle. If there's an aspect of the "living" model for interpreting that I agree with, it's that the people we entrust as judges should be able to recognize and apply that kind of equivalence. The way they're set up seems to be pretty sound. Not just the main reason for the decision but concurring agreements for different reasons are logged, as well as reasons for dissent. Any of those can be appropriate tools to recognize mistakes in hindsight, even as decisions that stand for a long time should have the strongest influence. Some of the common "tests" the court has established by building up precedent over time seem to me to be the most well thought out principles we have.
At a certain point though you need the right kind of people doing the job. Even if there were somehow a "perfect" system, it would still have bad outcomes if we make bad choices in stewards. And we couldn't fix that with any kind of reform.