Oh, there's always something wrong with each edition, but that doesn't make the game as a whole bad. I never thought save vs die was ever really fair, for example. THAC0 was a pain in the ass, but the games were still fun.
As for the whole GSL thing- if third party companies are so great, so awesome, why do they need to rely on the OGL in the first place? Thier support would disappear if they each made their own closed system. They're not about to actually work to create a new and unique system. The thrid party support would disappear overnight.
Having said that, it's not that WotC can shut them off, as they are free to walk away from OGL and make their own systems. Just after 4e was announced, I'd see people planning on getting just the third party products, and use the SRD for the actual rules.
Personally, I don't plan on getting Pathfinder RPG. I don't want to re-buy my 3e material. If I'm going to buy a new game, it's going to be a new game.
And no, I'm not downloading the alpha/beta Pathfinder material.
Josh- so nobody could migrate the audience back to 3e? What does that really matter? How often do you go looking for new groups? If your group decided, "Hey, let's play 3e!" does it matter to anyone else? What if we were to play 2e?