BonaHoTep: No, that's not the only remaining issue (multiple iTunes accounts). People might have one iTunes AppleID, and another AppleID used at a different store -- namely the App store, which started out being a totally separate store that launched on a totally different platform with no expectation of a shared sign-in. And the wise thing to do, for some of us, was to use our distinct mac.com / me.com login there, figuring it might be more feature-rich in the long term. Hence, people like me have parallel purchase histories. Which never was a problem, until iCloud and iOS5 started insisting on one AppleID for all future purchase transactions, but also (by implication) the basic tie-ins to our history of purchases.
Although iTunes can still be authorized to *play* the many protected media files I've acquired, there are complications with local-network sharing, accessing purchase history, and what happens when I restore... (When I upgraded my iPad to iOS5, all the music purchases from the older iTunes account were wiped from the device, though I've since re-added them by toggling into the older ID to access that purchase history.)
The good news: iTunes will show and play the added files no matter how they were purchased, and same with apps (apparently we can still expect update notifications even for the off-ID purhcases).
The bad: items on my Newsstand rack seem to pop in and out of existence when I switch AppleID at the top level. Every now and then, I seem to hit a brick wall that requires me to sign out of the mac.com AppleID and sign in temporarily to the old one. And if I mistaken make another purchase while logged in under the old one... that's one more thing that's out of the loop.
To some degree, we're unhappy about *not* having some of the "shiny new" new features we'd like to be entitled to (especially automatic synchronization of purchases) -- that was the point being made by the snarky person who said "you guys crack me up" [with our whining]. But the reason we're out of the new-feature loop is not that we're on old unsupported devices, or that we screwed something up.
At any rate it's NOT just being left out of new features, either: we're now in the position of having to often take steps that Apple pretends we shouldn't need to do, and hasn't designed the iOS to help us do, just to keep us in touch with the things we've paid for. If the support documents at Apple would just *acknowledge* the predicament of parallel purchase histories -- and acknowledge that it happens to reasonable people -- longtime Apple customers who haven't just lost track of their info or needlessly duplicated IDs in any way at all -- that would be a promising sign.