The more I think about it, the more I think Apple is doing exactly the right thing. They said we'd get "near DVD quality", and both video and audio seem to fulfill that. The stereo or 2.1 audio is fine, and Dolby Pro Logic II does a good job of upgrading it to pseudo-5.1. For most consumers, today, the size of a download matters, especially in terms of download speed and also in terms of disk footprint. If they're guilty of anything, it's perhaps of being imprecise, or of using terms that average consumers may not correctly understand - to many, "Dolby Surround" and "Dolby 5.1" are equivalent, though they're actually not.
Apple's target audience for downloaded movies probably isn't home theatre, it's the iPod video and the *Book owner, and good video and Dolby Surround is fine for the intended buyers.
For videophiles or audiophiles, for tech enthusiasts, for those whose home theatre cost more than my first couple of cars did, for those for whom every last bit of video quality matters, and for those for whom 5.1 versus "only" Surround matters, buying a slightly more expensive DVD or renting it for even less makes more sense than downloading a movie. For many, though, the quality is fine, the convenience is great, and a legal download in a reasonable time and with a reasonable disk footprint makes sense.
Doug