I'm as big an Apple fan as it gets, and unfortunately I have to agree with you.
I love iTunes Match for both what it is, and what its supposed to be, but Apple has done a terrible job of implementing it.
The fact that they're continuously rolling it out to new markets without fixing the problems it has, fills me with dread for their current leadership.
I don't want to get into the "if steve were here" nonsense.....but I don't understand how Apple, a company with such high standards, can be happy with iTunes Match as it is, and continue deployment without addressing very serious problems.
1. Album Artwork.
2. Explicit/Clean confusion (which is akin to data loss)
3. Inexplicable Matching errors, where certain Matchable tracks are uploaded instead.
4. Lack of support for AudioBooks.