Wizards would have been better off using the Points of Light setting as a nexus between the different rules.
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It appears they just use the popularity, and notoriety of the Realms to attract people but turn it into something else that just doesn't fit the history of the world.
Whether or not the stuff they're doing "fits" FR I leave for others to judge.
But how would they have been "better off" doing otherwise? WotC is a commercial publisher. What is good for them is to sell lots of stuff. Which they seem to be doing. If labelling stuff FR helps sell it, that seems like a good commercial strategy to me.
I never picked up 4e. I have heard good things about the setting and have never had trouble stealing good ideas and reskinning.
Where is a good place to get decent detail of the setting? Online and/or book?
I think the actual Nentir Vale setting is nothing special - it's a very generic low-ish level D&D setting, with a forest for the elves and goblins, hills/mountains for the dwarves and orcs, some villages and a town, a baron with a castle, etc.
It is summarised in the DMG, and also one of the Essentials books (I think the DM book).
What is distinctive about 4e, I think, is the history and cosmology that is presented in the core books (especially the race backgrounds in the PHB and in the MM) and elaborated in some of the supplements (I think the Plane Above is probably the best of these, followed by Demonomicon). It is your pretty basic "gods/order" vs "primoridals/chaos" set up - so the default is that the PC heroes are on the side of the gods trying to ensure the primordials don't dissolve the world back into the raw elements of creation. But it has some nice subtlety mixed into that (eg some of the gods make for ambiguous allies at best) and there is also a largely distinct Feywild to handle fey-type story elements. And the history of the mortal world ties into the order/dissolution theme, being a history of fallen empires (of which the most recent is the fallen human empire of Nerath).
Another good introduction, which also has good GMing advice for how to use the story elements, is Worlds & Monsters.
PoL had a nasty of habit of absorbing every other settings "unique elements" and dumping them in there. It stole people (Mordenkainen, Strahd), places (Tomb of Horrors Isle of Dread), things (Hand of Vecna, Blackrazor), cultures (Vistani), races (warforged, shifters) and monsters (draconians) from all over D&D's history and smashed them into one setting without much rhyme or reason, and often ignoring its connections to the settings that spawned them.
it's not like PoL was the first time D&D had a vaguely-described quasi-generic setting. That's how Greyhawk and Blackmoor started out.
My experience is more like what Tony Vargas describes than what Remathilis describes. My default 4e campaign has featured dwarves from mountain fastnesses, goblins in the forests, gelatinous cubes in an underground maze in a ruined city/fortress (a REH-style trope), Vecna (including his Eye), Orcus, Asmodeus, Demogorgon, Pazuzu, the Rod of Seven Parts (including the Queen of Chaos and the Rod of Seven Parts), the Crystal of the Ebon Flame, and recently the Codex of the Infinite Planes (which in this campaign is the same thing as the Book of Vile Darkness).
I don't feel that any rhymes or reasons were harmed as a result of this!