I don't know that much of what you mentioned as legitimate issues are due to anything more than being an early beta version. For example the insert image button is due to come back in future beta, I hope it all will: http://tracker.vbulletin.com/browse/VBV-1958
There is no way to invoke the standard editing tools, or change from wysiwyg to standard (no fancy js) editor that I can see.
Often times for programming languages, or posts where text formatting is importing, the wysiwyg is less than optimal.
Other things that users do often:
Unable to link an image
Unable to post an attachment with a thread
Unable to stylize post
etc
Shockingly Allen Lin has said replied that these are "Design decision by Product, to be revisited after gathering user feedback." I think the decision makers dont understand how much we value these tools and features on our forums. These regressions seem to be considered steps to de-emphasise the forum component and emphasise the social-networking components of vB5.
As even the feature set on vB5 seems incomplete and I personally consider this to be Alpha and not beta. What is upsetting some people is that vBulletin are projecting and selling vB5 in its current state as their flagship product. How can you have a flagship product in this stage of its development? It is seeming to some that the product is being pushed out to meet artificial deadlines and that quality has taken a backseat.
Anyway, I hope that these features are reintroduced and the later versions are of better quality than the current demo.