I guess you'd say I'm a fanboy and I've even made a business offering ringtone apps (
AutoRingtone & Ringtones Uncensored, #1 ringtone app @BestAppEver.com)
yet I can't defend Apple on this one. I have 300,000+ users who have created over 3 million ringtones using my (mostly free) apps and while the ringtone process may seem easy to us techies, I still spend a lot of time every day providing iTunes support (not app support... iTunes support) to my users. Most review/complaints are iTunes related.
I'm also looking at Android and other platforms and all you have to do is point your phone at supported sound filetype (MP3 and others) and say 'use as ringtone'. For that ability to be lacking from the leading music/app/smartphone platform, that touts their ease-of-use superiority, well, it's just silly. iTunes is really a workaround... this is something the phone should be able to do out of the box. I no longer travel with my MacBook... just an iPad and iPhone. I might travel ten days a month. And when I meet new contacts, I'd like to be able to assign a ringtone to them (using my TEXT-TO-SPEECH Caller ID app of course!)
Also, keep in mind that ringtones can be used as alarm clock alerts. I could setup a talking alert like "Pickup your prescription" or "Take kids to school", etc., so it's something I might want to do frequently... but I can't transfer those without my computer.
If Steve Jobs thinks computers are going to be like trucks, used by specialists, and most people will use iOS-type devices, then this can't continue. You can film, edit, add effects/transitions and publish a movie on the iPhone but you can't select a supported sound file and make it a ringtone. And don't get me started on SMS/text/email alerts, etc.
It's time, Apple. It's time. Perhaps the iCloud will be the answer. iHope. In the meantime, it's silly defending an inferior mechanism. Apple does have a good track record of making changes, perhaps not as fast as we'd like. You couldn't use ANY custom ringtones initially, but you can't excuse this feature deficiency.