Well going the APS route obviously saves money when compared to full-frame. The other issue in my mind is choice - full-frame 35mm dSLRS means Canon and only Canon, and however great they are (which I don't doubt) I just don't like having that little choice. The question of crop factor providing a focal length 'boost' I'm not so sure about... if it was a lens designed for 35mm film, could you not simply use it on a good full-frame sensor and then crop? I'm not sure whether it can be said to be better than full-frame in that respect... it definitely (IMO) offers a focal length boost over film though. I'd much rather shoot a 500mm lens on my APS dSLR, rather than use the same lens on a 35mm film camera and crop, because I'm not sure 35mm film is any more suited to cropping than 6-megapixel digital images (the grain becomes too prominent).
I do think the APS crop factor is less than ideal, for me anyway. Yes my 50mm f1.4 lens becomes a 75mm f1.4 and it's quite nice for portraits. But I already had an 85mm f2, which now become a 127.5mm and as a result is not so useful to me. Meanwhile my 135mm lenses become just over 200mm, which is not a focal length I've ever felt the need to have a prime lens for. More to the point, where is the 50mm equivalent? Currently somewhere in the middle of my kit lens with a maximum aperture of f/4 - not great. If I wanted reasonably fast primes equivalent to my favourite 35mm focal lengths of 35mm and 50mm I would have to take pretty much all my existing kit to the shop for part exchange, and then be told that since people only buy APS digital gear now it wouldn't even begin to cover the cost of the new lenses.
Some people obviously have very firm ideas about how long APS-sensor dSLRs will be around (and how long they'll remain the most popular option). I don't know anywhere near enough about optics, electronics or market trends to comment. All I know is that this is still new technology, and that while there are things I like about it there are also enough things I don't like to mean I won't be investing in high-end APS bodies or spending a lot of money on lenses that will only work with crop sensors. I'm not suggesting anyone else shouldn't invest heavily in APS-C gear; just giving the reasons I'm not.
Edit: and I'm still waiting to see improvements in dynamic range before I go completely digital, APS-C or full-frame.