It's not a crippled enthusiast camera; it's an entry level camera on steroids -- and the best Live View camera money can buy.
In some of these threads, people have been bringing up the various video game consoles, so let me make an analogy along those lines.
Last generation, Nintendo decided it did not want to compete in a technology race with Sony and Microsoft. So this generation, it came up with the Wii. It's barely more than a Gamecube, but made accessible for the masses with the new controller. Hardcore gamers laughed. Microsoft and Sony heaved a sigh of relief to be rid of a serious competitor who had decided to simply make a toy. There was almost NO ONE defending Nintendo's decisions.
So what happened? Nintendo laughed it's way to the bank. It has the best-selling console of all time and has been making billions upon billions of pure profit while Microsoft has only recently started making a profit and Sony continues to lose billions. The hardcore are right: they could never be satisfied with just a Wii. In many respects, the Wii is laughable. It can't compare technologically to the Xbox 360 or the PS3. But it provides a unique experience of its own that many people value. Nintendo expanded the market at made tons doing it. Microsoft and Sony got caught up in an arms race that ended up being foolish and costly.
So what's my point? Sony is trying to do something different with its entry level cameras. It's trying to expand the market. It concludes that the entry-level market would be better served by Live View and simplicity. If they are right, they could at least serve a neglected niche and perhaps even become dominant. If they are wrong ... like all businesses, they suffer.
But this really that shouldn't bother anyone as long as they ALSO follow up with enthusiast cameras, true successors to the 700, 850, and 900 models. (Except, of course, those who want enthusiast-level cameras for $500. But at that point, who's the one being unreasonable?)