I like them because they rock the status quo. Few things in the lower CRs makes the PCs wake up and smell the coffee like something annihilating their weapon.
So you like them because they scare the players. Perhaps the whole "save or die" mechanic is fun. The whole D&D-style shock-and-awe.
In what way does the revised rust monster not still scare players? It's now "save or get damaged." Damaged doesn't have the finality of death, but it does introduce and enhance the fear of it, the creeping awareness that it's breathing down your back.
This creature, translated to a higher CR, might be something like a Death Monster. If you attack it, you get to make one save, or die. In higher-level D&D, death is no more a problem then destroyed equipment. I don't think I'd use the monster either way.
Part of me wonders also what the reaction would be if this "rust destruction" was a level 3 PC ability. What if my level 3 wizard could do a touch attack and destroy armor, and, at the same time, could have an effect where if a weapon hit him, the weapon was detroyed? Would that be balanced? Would the enemies send in their spellcasters to grapple him? I think I'd have a problem allowing such an effect into the game (especially if there was no limit on the times he could do it).
All of the above issues make me think that people are getting too caught up in the WHAM-O factor to really understand that the majority of people play D&D to go on adventures, beat up things, take their stuff, save the day, and get the girl. People want to be challenged, and challenged well. The MM's rust monster
isn't a challenge. It doesn't have a warning shot, it just comes in, eats your stuff, and then laughs about it. It's not a hill to be climbed over, it's a roadblock. It doesn't say "if you use clever tactics you will escape without harm," it says "if you don't use metagame knowledge, I'm going to cost you about $2,000 GP. More if you don't use clever tactics. Or if the occasion favors me."
Yes, rust monsters have their place, but I don't see how the revised rust monster doesn't still fit that place? It seems like people are not upset because it doesn't rust anymore, but upset because it doesn't do it instantly after one save to anything.
Having read it, I have to disagree. With a poor AC and twenty-plus hit points, a first level barbarian would beat this thing to death by himself with his limped up -2 to -6 greatsword and not think twice about it, because the limped-up greatsword will come right back to normal in 10 minutes. The bite damage and attack bonus is not enough to deter him in the least. That doesn't strike me as a CR 3 challenge, much less a challenge at all. Even ability damage takes a day or so to heal without spells - this is like ability damage that never takes you below a 10 ability score, and goes away in 10 minutes.
True but there's a few assumptions nestled in there. The barbarian won't nessecarily know his weapon will be back to normal in 10 minutes. And the barbarian wouldn't have much to fear from a rust monster in the first place, anyway ("fine, I put my axe away and take out my greatCLUB. Then I hit it 'till it stops wigglin'."). So the original rust monster isn't a challenge against a barbarian, and neither is this guy. They're equal in that respect.
It's more challenging, however, in a fighter-wizard/sorc scenario, when armor and (most likely) metal weapons are involved, and the next in line to beat the crap out of it has an STR of 8-12 and d4 or d6 for hit points. In which case the bite is still scary. And the ability to avoid detection and move on the walls is even scarier.
I like your analysis and your encounter desing ideas. Do you have a newsletter I may subscribe to?
Hehehe, thanks.

No newsletter, but I've got a little pet project going.
