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