I would say that it is absolutely worth brushing it off and reinstalling.
Looking at your laundry list I think a lot of your points are still valid. Importantly I don't think that it will ever be 'real' desktop Ubuntu. Like you I think that I was sold on that in the initial marketing and was disappointed by the tablet's reality.
That said if you approach it as a community project which is making real progress I think you'll enjoy it.
I suspected it would be at community-project stage, and I didn't really believe the Canonical hype. It's just it was plain unusable for anything I wanted to do (I hope that comes across as objective rather than unkind).
Looking at your laundry list I think a lot of your points are still valid. Importantly I don't think that it will ever be 'real' desktop Ubuntu. Like you I think that I was sold on that in the initial marketing and was disappointed by the tablet's reality.
That said if you approach it as a community project which is making real progress I think you'll enjoy it.