Well cats are carnivores, so they'd probably do far better than eating anything with grains in it. That stuff is just filler, and every owner knows that.
Dogs though.....not sure. Are they omnivores? I thought they were carnivores until I read this thread. If they are omnivores, then perhaps processed dried dog food is just as good as good old meat and bones.
When our dogs were still alive, we used to give the dogs the bones of any beef product we ate. They loved the stuff. 🙂
Right now, my parents give our cat a dried food that's made with more meat and less grains (or whatever filler they use). They also buy them some canned food with nearly all meat. The cats like it far more than cans of tuna. They have pretty expensive taste. 🙁