Couldn't have said it better myself.
I get so tired of these people that whine and complain about the lack of a service and then when the service is finally announced they simply whine and complain some more.
Can't have your cake and eat it too, people.
I have no problem with the 'service' (if people really want to spend money on what they've already bought), it's blocking users using their own purchases and music as ringtones that I object to. It's profiteering by means of an artificial technical limitation in the software of the iPhone.
We should be able to make ringtones for nothing out of tracks we've purchased, all you're doing is playing part of a track you've bought (or made yourself).