As a DM I read it like fire and forget. Go attack that target. Each round until the target is dead the beast keeps attacking. Yes, you lost you own attacks the first round, but don't have to use it again unless you need to direct your beast to another target.
No, the Ranger has to use a standard action every single time he wants his beast to attack.
You're right that the idea was to avoid characters with multiple attack actions - it's really easy for things to become unbalanced when a character can make multiple attacks.