I can absolutely accept your arguments. If I had been looking for the most quiet PC around, I would have bought a Chieftec something or other and fleeced it properly. So I will add my voice to yours and say that it is not THAT quiet. I am just saying that it is possible to get the noise level down to what I THINK is an ACCEPTABLE level.
As for a second hard drive, I have two in mine since I never use a floppy. Also, the TV Tuner card could go in the PCI slot.
I know three people with mini-PC's and they are all quite happy with it. As you say though, it important to know what limitations the purchase signifies. DO NOT buy this system if you need more that two hard drives, more than one PCI slot, a REALLY quiet system, watercooling, overclocking possibilities. Buy it if you want a small good looking box (and yes this is subjective), a rather quiet low performance box (but you would need to change the fans), a less quiet performance box.
As for the "you see, in America..." comment, what are you trying to say, that we don't have moronic buyers in Europe? Believe me when I say plenty of buyers over here are impressed by the "coolness" factor too. Anyone who buys a $350-400 piece of hardware on impulse is not being smart, whichever shore of the pond he or she lives on. Caveat Emptor!
So, in conclusion, I agree with all your objective arguments, but I disagree with your subjective assesment that a Micro ATX case looks nicer.