Great post JDillard- I agree 100%. I really got burned out on on 3E D&D, but after playing about a dozen sessions of 4E now, I have to say its a breath of fresh air and has reinvigorated my love of D&D.
Derren said:
Correction, the PCs had a lot of situational abilities which they might or might not use and which they could specialize in. 4E removes all those options and makes them into class specific powers which are limited by their uses.
Anyway, as I said before while the fighter has gained some options the spellcaster lost them and overall 4E does not have more "play options". It has likely less but the ones it has are spread out among all classes. Thats a good thing, but it does not change that 4E offers less options, especially as many powers are very restricted (only once per encounter/day, only with specific weapons) and that many powers are just copies from each other.
I have to chime in here and say that fewer character build options isn't necessarily a bad thing for 4E. Here's my reasoning:

4E is trying to be a more streamlined and quick-paced game, attractive to some folks who have only experienced MMORPGs before. Making character building too complicated only drives away casual gamers who might otherwise become hardcore gamers.

More options doesn't mean better. I used to think it did at one point in the past too. But honestly, looking through the endless options in 3E, characters had to develop a "schtick" if they wanted to truly excel in any given area. For example, the spiked chain trip monkey, the APAATT greataxe specialist weilder, the mobile dervish (dodge, mobility, spring attack, etc). The character uses those abilities to the exclusion of all others, so in the end the 3E character doesn't have more options open to them, but FAR LESS. Most 3E characters end up being a specialist in one or two capabilities, and royally suck if for whatever reason they are denied the ability to use them (witness the rogue vs undead or constructs).
4E nicely solves this problem. Sure, you can still build your APAATT greataxe weilder, but now he also has powers that let him do his schtick AND diversity his abilities a bit, just in case for whatever reason he cannot use the schtick. Basically, 4E has been pretty carefully designed to prevent character suckage due to one-trick-ponyness. Am I willing to sacrifice some options so all characters are more well-rounded and have more options during play- HELL YEAH!

4E will have more options soon- Martial Power being the first of the expansion books for the core classes.

Fewer options also means less brokenness right out of the gates. Sure, there are few 4E combos that can produce some powerful results, but nothing like some of the situations you'd run into with 3E. Thats a good thing- it prevents the annoying disruptions at the table when one person powergames and optomizes like crazy and the other players didn't. I saw that so many times during the years I played 3E, and it caused so many problems, that I don't lament loss of options in that regard at all. On the other hand, its harder to build a completely suboptimal character who stinks at everything in 4E as well- another good thing.

Finally, fewer options that modify and make exceptions to the rules also makes the game more rules-transparent. What I mean by that is that in 3E, the system was in the forground all the time, and all the players and DM had to give it consideration at the same time as they were trying to roleplay. I saw people who were incredible roleplayers in earlier versions of D&D or other RPGs become number-crunching rules monkeys when playing 3E, and who viewed their character as his collection of stats and abilities rather than as their character. 4E puts the rules in the background again, so that you only really think about them when actively using a power. That speeds up play, keeps the game flowing smoothly, and lets people get into the game, rather that just playing the numbers game.
The whole "options not restrictions" mantra of 3E sounded noble at the time, but with experience it revealed itself to be a true nightmare. I'm certainly willing to trade some options for ease of play, being able to immerse myself in gaming, and fun!