Im with you on this one Clark... While I am unhappy with the decision, I understand the reasons behind it and support those reasons.
Wizards has made the best possible decision for their company, while still catering to third party publishers. As you yourself has said exhaustively on this thread - Wizards had no obligation to give us a 4th edition GSL at all, and given the time it has taken to draft up the revision, I believe you are 100% right that we came close to having the GSL pulled completely.
With that being said, I have been an amature game designer for going on a decade, and have reverse engineered many gaming products from a variety of companies (Palladium, White Wolf, FASA, Wizards, TSR, etc) in order to determine what made their products successful; the hidden design philosophy/mechanics used in their products; and to determine the detracting factors to each game in the hope of avoiding them in my own product.
Within the last 4 months, I have made the decision to transition from amature designer, to professional game developer, and, while I felt supporting 3.X was an untennable option (due to my product line having too much competition from the sheer volume of third party material), with 4th edition I will have a more even footing with which to launch my company.
While I am in full support of the 4e engine, and believe it to be a very intuitive and graceful engine (based on pre-release information), I am concerned that if I publish 4th edition products under the GSL, the exclusive nature of the GSL will prevent me from publishing products under my own game system (which has been in development for 10 years) at a later date.
Failing that, I am concerned that, when I eventually launch my own game system (in 2 to 3 years time, in order to wait for 4th editions hype to stabilize) that publishing my own game engine will prohibit me from continuing my 4th edition product line, or from publishing new 4th edition content.
Do you have any information in this regard, as I have made the decision to stop procastinating, and take my chances as a professional full-time author, but the restrictive nature of the GSL is making me cautious and uncertain as to what my options are.