Here's the problem, two different systems for two different needs. How many people have asked about getting HD to a second TV? Alot. Well this does it. And it does it for $4 more than using a 211K, but gives full DVR, seeing all the tuners, using common EHD, etc etc... So to me you are getting something for that $4.
Yes you are losing an SD output also but if your not interested in the new features and need a third TV in SD, stick with what now exists, a 722 and 211K or 612....
I don't see how any of that equals you should get the first Joey free when we don't get a second TV in HD now for free.