I argue here, that, ultimately and in large part, the stakes of educational action research are conditioned by the various ways of conceiving theory, research and practice, and I attempt to explore and put forward one such way that I view as potentially more helpful than others. I begin with a comparative overview of the implicit philosophical assumptions that have informed or grounded educational action research in the broadly conceived Germanic and Anglo-American contexts. I then examine the tensions around theory and practice and the role such tensions play in educational action research. In my interpretation, the polemics surrounding this topic have significantly shaped the course educational action research has taken. Examining such polemics, then, might be useful in the effort to approach risks, prospects and visions and to develop the perspective of a recuperated, enhanced but modest philosophical intervention in educational action research.