Agree!
1) Dodge - too conservative, your opponent will punch you again.
2) Intercept - more aggressive but not aggressive enough.
3) Catch/wrap - the most aggressive approach, also the most difficult to achieve, but the reward is great. You can take your opponent's punching ability away and force him to play your favor grappling game (if you are a grappler).
I also agree that if you are in your opponent's
- side door, 2 on 1 is much easier and safer approach. You can use your opponent's leading arm to jam his back arm.
- front door, separate hands (your right arm wraps on your opponent's left arm, and your left arm wraps on his right arm) may be better. You can use both hands to control both of his arms.
The 1st punch usually is not a committed punch. It's easy to catch the thin air and fall into your opponent's trap. One of my favor set ups is to throw a fake punch, when my opponent blocks it, I pull my punch back, and punch him again right at the same spot "after" his blocking arm is passed.