Well you can't think of previous editions as "lesser" editions because they aren't supported any more. I view them as just different editions, unless the edition that came after was intended to correct the mistakes from the previous one, take 3.5 for example. 3.5 was not a new edition, it was just a reprint containing all the errata. There is an excerpt in the PHB that says this.
Many previous editions are currently being supported though, thanks to the OSR movement (new modules are being produced, for example).
Also, I think "errata" is a bit of loaded word... most of the changes made in new editions actually change the way the game plays, length of character generation, complexity, etc.
These changes are "preferences", not necessarily "corrected mistakes".
One might say that Ascending Armor Class "fixed an error", while others thinks Descending AC works just fine.
Was the lack of Feats and Prestige Classes in earlier editions an "Error", or was their addition to the rules set a "Preference"?
The truth is, the older editions worked just fine. They are easier to play and teach, it's easier to generate characters, easy to houserule, actual game play is fun (as time has born out), etc.
I think the idea that 3.0 or later editions were actually just "errata" is possibly just "marketing speak".
EDIT: I totally misread your post... I thought you were saying that 3.5 was considered to be corrected "Errata" of Earlier Editions... I see now that you meant 3.5 was Errata of 3.0.
My mistake... we actually agree

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