Exactly.
A friend of mine was going nutty over the announcement, listed his 360 for sale and was whooping it up over FINALLY being able to get rid of it.
Within 3 minutes of looking into I saw all the massive and fundamental caveats to it that you mention, told him to calm the F down as it is in fact quite a horrible situation.........but he didnt care, was too rapped up in what he THOUGHT was the back. compatibility everyone wanted! (he gets like that, and then when he realises he was being over zealous.....he takes a "ohh well, never mind, its better than nothing" attitude.

)
If this back. compat. was anything CLOSE to being the real deal, I would be buying one today..........but as we, and hopefully anyone else excited about the prospect of this, have learned.......it very much isnt.
The issues of storage is obviously the main one, as 360 games (let alone whatever a "Xbox One version of 360 games" means) are surely around 30/40/60 GIG each? I mean when Ive downloaded 360 games free through the XBL giveaway stuff, they have been in that kind of range.
So EVEN WITH the 1TB model...........thats what? 20 360 games you can have on their? excluding ANYTHING else.
Even if the list of compatible games wasnt as limited as it is.......there are like 1100 of them for F's sake!!! and how many are being made compatible??? about 100, hmmm, 10%......wow.......as you say, the disc is no more than a voucher for redemption, and who is to say how many "vouchers" you have and can use.
Yeah........screw this faux bull crap and screw all the mindless sheep who will either just accept it or not realise that it is completely nerfed and on their extremely limited and compromised terms..........and STILL just go along with it and ensure that this kind of practice becomes the norm moving forward.