Have I been ripped off?

It is worth the effort.  But I agree with you about the lenses, apart from the 8-16mm zoom  (you could try the 24-70 it is meant to be ok) - don't waste your money - stick with the primes.  The 70mm Macro is excellent, the 50mm macro is ok but needs a bit of effort.  The new 35 1.4 which should be available mid January seems like a must have prime.

The 28 1.8 is meant to be ok, not sure about the 20 & 24 primes - test first if you can.

But one thing about the SD1M - there is a quality you get from it's images that every now and then take your breath away.

Good luck.