mtnbke, to me there are two things that matter. Rim size as it dictates frames and brakes (I am a long ways from moving to disc brakes, obsoleting every bike/wheel I have to fix a problem I don't have) and tire size (19c, 15c, 1" 1 1/4" etc. Rim size comes first, like it does on my car. Now, 700c means a 622 rim. The fact that it is not historically correct? So what? Very few out there even know that. Junior racing, with it's roll-out requirement, is such a small percentage of cycling that using it to justify the circumference standard is kinda pointless. (I wish junior racing was much bigger but that is an entirely separate issue.)
Tire sized affects handling, pinch flat resistance and what bikes the wheel will fit inside. Again, staying with the xx c designation is clear, even if different manufacturers regularly fudge the measurements. (This could be changed just by tightening up the measuring standard. Easy but not likely to happen.)
Ben