I think that this makes a lot of sense, unfortunately. I finally took the jump into android with the release of the Nexus One....it was all google and didn't have any restrictions put on it by any of the carriers. Before that I was all Nokia...and as poor an experience as that was, I stuck with them for nearly 5 years because they were the only company that easily provided a variety of unlocked and unbranded phones.
I've fell in love with the android experience that the Nexus One provides. So much so that its been the only phone I've owned for over 8 months now, and that blows away my normal interval of about 4-6 weeks with other phones. Unfortunately, it doesn't look like I can look forward to another "Google phone" and when my Nexus One retires, I may have to go to a different OS.
I think people would rather get the discounted phone and end up paying more during their 2 year contract (through higher monthly rates, tethering fees, etc...) vs paying full retail and enjoying a completely untampered with phone. Ah well....too bad I'm not into rooting, then there would be no issue for me.
