"Mine was purchased through Ingram Micro (Distribution Channel) and I am unable to return it."
Before you make a puchase, you should check on the retailer's return policy.
"I bought the 64GB ipad3 with wifi expecting that apple would come up with a software solution to this as it was not working at all in the EU."
You purposely bought a knowingly defective product? Ouch! Regardless, if the fix is software-related, there's no reason that this cannot be addressed accordingly.
"It's one thing to make a new improved version, but to make the old version obsolete that's a new one Apple."
This is neither the first time, nor the last time, that Apple will replace a product.
"With releases every 6 months who in their right mind would pay a premium price for a piece of technology that you will only be truly satified with for 6 months?"
I'm not sure that you will ever be "truly satified". You need to alter your perspective about what a manufacturer owes you.