Until now I was a bit concerned about this, but I think I'm completely convinced that it is the way to go.
Here are a few brief excerpts from drupal-dev
Person 1 With variable schema, you either <3 Views or <3 complex PHP code to build queries. (Editors note: Current CCK)
Person 1 With full normalization, you either <3 Views/MVs, or <3 huge static SQL queries. (Editors node: proposed normalized storage with MV support)
Person 1 Both lead you to "without Views, you're screwed".
Person 2 so once again. the system davidstrauss builds lets you to add the per-bundle tables you loved.
Person 2 so in this regard, MV is cleanly superset of existing functionality
