Yes, you are right. Although given how phones are now pocket computers I expect them to have additional storage options that are not cloud based. I find it that paying $500 for a device that does not allow additional physical storage is absurd. Given how good of a camera it seems to have.
The problem is that if you add an SD card slot, you have to eliminate something else (or decrease something else).
I feel that between cloud services and 64gb+ phones, I wouldn't want an SD card slot. Accessing files on an external storage device is slow, so I wouldn't want to save direct to SD. You wouldn't want to save any apps to the SD for speed issues. So you would be limited to accessing photos and music. I just don't see a need for it, and if I did, there are plenty of android phones out there that would allow me expansion for storage.
Good points. I feel that we are discussing the same issue from two different sides. You are OK with an iPhone device that does not have expandable physical storage and I am not. I do want an iPhone (even though I develop for Android) but that keeps me away. :)