Well stated!
My observations after about a month...
1. Most folks don't reboot OS X all that much. I do maybe once every week or two, and boot times are back to about 1:05 - 1:15 range (from pushing button to login screen), just like on my 7200 drive. If I sit there and reboot over and over, it's consistently around 35-40 sec. But nobody really reboots OS X much do they? So, unless you are truly a mobile person and reboot everyday or more, the fast reboot thing doesn't do that much for you. One thing that is consistently faster is login to full desktop... this is now consistently < 15s compared with about 30-35 before.
2. There are apps I use everyday, like Safari and Mail -- those always start really fast... one bounce max. There are also lots of other apps I use, but for a few days at a time, like Word, Eclipse, Photoshop (on Rosetta), Xcode, Chrome, etc. depending on what I'm working on. So, for example, I'll be on Eclipse for a few days, then Word for a couple, then Xcode for 3 or 4, etc. In those situations, when I start a cycle of an activity, e.g. Xcode, the first couple of times the app loads, it's slow... 8-10 bounces for Xcode. Then it'll go down to 2-3. The when I start the next cycle, the new set of apps that I use will go through the same cycle. I guess this makes complete sense with the caching algorithm. But it also highlights the fact that 4Gb of SSD is not that much (or enough for me!).
3. I do see the beachball due to drive spinning down once in awhile. Enough to notice but I don't think enough for me to dump the drive. (Seagate does have new firmware out that prevents idle spin down, but then the drive *never* spins down, and therefore eats more battery and gets hotter. see their forums. i'm not sure i'd like that better)
4. It's quieter, and runs cooler than the original hitachi 7200 drive. I don't notice more vibrations that some have reported.
5. I ask myself, knowing what I know now, would I still buy this drive? I think the answer is about 6-7 in 10 chance that I would... Net-net is that it is faster than the 7200 drive in many situations, but it definitely does not live up to the hype, and the rave reviews that people write after a day of use and repeated reboots.