From a bodybuilding standpoint, military press -- and remember that's a standing overhead press, and that's the only way to perform it (seated is called shoulder press) -- probably isn't the best lift for strict delt development. The reason for this is because being in a standing position with your legs together gives you significantly less leverage than when seated; now your back, legs, hips, and core are forced to coordinate to properly press the weight overhead. It's a completely different experience from the much simpler shoulder press. Also, note the difference in ROM between the two exercises. Often in shoulder press with barbells it's awkward to bring the bar to your chest, because your torso is in a fixed position and can't bend back to allow bar movement. However, in military press you bring the bar down to your chest, pause, and then press dead weight.
So, while shoulder press and isolations may be more useful in terms of strict delt muscle development -- though not by much -- military press is superior to those exercises for strength and power. Even if you could care less about how much weight you can lift, the stronger and more powerful you are (strength being slower, controlled muscular effort and power being fast, explosive bouts) the more weight you can move on all exercises -- which will help you build larger muscles faster.
Bearing that in mind, this is why even for bodybuilders it's very useful to train with a blend of powerlifting and conventional bodybuilding. I follow a hierarchy for training, and note that I like to blend powerlifting with "bodybuilding" (quotes because the bodybuilding element to my training isn't as obvious):
(1.) Major full-body power-oriented compounds: squats, deadlifts, bench, military press, rows, pullups/chinups, cleans
(2.) Accessory free-weight compounds: shoulder press, DB bench rows, lunges, cable pull-throughs
(3.) Machine compounds: pulldowns, seated row, etc
(4.) Isolation
Let's say you follow a 4-day push/pull split, ala Baby Got Back. In the case of that program, which I'm currently following, you have a vertical push/pull day. In simpler terms it's shoulder work and vertical back work, so pullups, chinups, pulldowns, etc. There's also room for accessory exercises for each plane of motion. You're allowed to add optional 3 x 12-15 work for anything you like. I chose to keep everything even at two exercises per plane of motion, but if you wanted extra delt work there's nothing wrong with a well-placed isolation after good compound work. Here's an example workout for vertical push/pull (this isn't mine):
Push: Military Press: 5 x 5
Pull: Pullups: 5 x 5
Push: Corner Press: or DB Shoulder Press: 3 x 8
Pull: V-Bar Chinups: 3 x 8
(accessory)
*front raises: 3 x 15
*calves
*abs
There's a workout that blends powerlifting, conventional bodybuilding, and good old fashioned strength training.