I would have to disagree with your assessment. In certain cases there is an economic advantage to riding a single speed bicycle. I have many customers who only need their bicycles to ride the few blocks between their apartments and the University. The bicycle racks on both ends of their journey are shared with savages who seem to take joy in brutalizing other people's property. I see many bent derailer hangers and damaged derailers on a daily basis. In rainy Florida, bicycles stored outdoors are prone to cable and housing corrosion. Often, it is less expensive to convert a bicycle to single speed then to replace a number of damaged components. The resulting product requires less maintainence, weighs less, and is a more damage resistant transportation solution.

A better analogy would be to compare a steel axe to a chain saw. For basic wood cutting both will get the job done, but one is a more expensive, more complex machine. Many people riding single speeds are not hard core technology geeks. I sell loads of single speed beach cruisers and Electra Townies. Most of these customers need to be shown how to inflate their tires and lube their chains. All they are interested in is that it has a lower price tag and is very simple to operate; just get on and pedal.