I agree with you that people who can't get to the parks until later might see this as a good value.
But I couldn't disagree more with the assertion - by you and by others - that this allows one to do EVERYTHING. For a certain percentage of people, rides are just one part of going to a park. My kids and I like to meet characters, see shows and performers on Main Street, trade pins, try different restaurants, watch the afternoon parade, run around Tom Sawyer Island, etc. etc. etc. It's a luxury we've earned because we've visited so often, and it maybe makes us outliers...but it is true of many here on the Dis. I want to ride and ride, but I also want to do other things and enjoy the atmosphere.
Yes, many one-time visitors think RIDES and this would appeal if when you think of Disney you just think of rides - I can see it being appealing in that way. But it doesn't appeal to me because it leaves out pretty much everything else (except ice cream bars).