Don't have time today to develop a deep subject, but enjoyed Roger Olson's post yesterday on the "catastrophe of nominalism." Here's a memorable quote: "Nominalism is the ultimate poison of Western civilization that corrodes and erodes it. It lies at the top of the slippery slope down which we have slid into modern and now, increasingly, postmodern oblivion."
I hear what he's saying. If you deny that there is truth "in" the world or deny that the world in some way embodies a transcendent truth, then it is a short step to concluding finally that truth is entirely in the eye of the beholder.
This is a fairly common perspective. However, IMO, this same nominalist moment also stands at the root of the rise of modern science, economics, the rise of historical consciousness and the quest for objectivity, not to mention the Protestant Reformation. I think it would be a mistake to go back more or less to a choice between some form of Platonism or some form of Aristotelianism.
I hesitate to call myself a nominalist because I do believe in universals after my own idiom and I do believe in transcendentals after my own idiom. Yet, the situation of our human finitude and locatedness I think push us toward what I might call a "pragmatist nominalism" of sorts as a method of knowing. Most of what people see "in" things, whether beauty or whatever, is at least expressed through the eye of the beholder. And I more or less define pre-modernism as seeing things that aren't there but are really constructs of your own mind, without being able to tell the difference.