The giant straw man in this discussion is your original statement: it's hardly a panacea with perfect incentives

Who said it was? People responded to you, giving you the benefit of the doubt by assuming you actually were making some kind of point. But you're not saying they're bad... you're not saying they shouldn't be part of a retirement portfolio...

Apparently you're literally just saying "they're not a panacea"? I think everyone is in agreement here then, nothing to see here.