This argument would make sense if there were no games but D&D. However, there are LOTS of game, many of which follow the 'PCs are t3h 133t' paradigm, many of which disdain the 'peasant to lord' model of D&D. None of them -- with the exception of Vampire, for one month -- outsold D&D.
This tells me that the D&D paradigm is popular. People like to grow and magnify in power. 4e starts you tougher...but you increase in power at a slower, more steady, rate, and from what I've seen, the high end game looks an awful lot like the low end game. You have bigger numbers but the general probabilities seem to remain at the same point. It doesn't look like it will *feel* different, especially since class differences, overall, have been flattened. The fighter will still be a bit better in melee than the wizard, but not overwhelmingly so. They'll both have the same number of powers, more or less. WOTC, and many posters, seem to feel this is a feature...I have a feeling that, for many D&D players, it's a bug. It changes the nature of the game more than any mechanical changes do, because it changes the core model of play. And if it's not the model of play which draws people to D&D, what is it? Is it just the brand name?
(Artificial distinctions between tiers like 'at 11th level you get to wear rings!' make it seem even more likely that actual play doesn't feel any different at level 30 than at level 1.)