Well, personally I'm not concerned about how the program uses the disk space. What I mean is that I'd use a dedicated disk regardless, and I'd keep it filled with as many incremental backups as I could. So why not let TM do it for me? In fact, it's much more efficient than if I did it manually, since I would back up entire folders or drives as opposed to the individual files that have changed. So I essentially end up with more backups in a given volume. Plus, after 48 hours it converts the older hourly backups to single daily ones, then after 30 days, the dailies to monthlies.
Your other points I confess I don't really understand. The whole point of TM's journalling is that it is always in sync, and that you can easily restore a single file very quickly to any specific point in time. If I accidently delete all my playlists, for example, I just go to the iTunes folder, click TM, pick the point in time I want to go back to, highlight the file and click restore. The advantage, apart from ease, is that I can choose a backup from less than an hour ago rather than last night (or three weeks ago if I'm doing it manually). Of course, you can also do a complete restore from scratch if you need.
I can see someone being wary of using TM because its new; but as for how it works, I can't imagine a better solution.