The sad truth is that 5-10 people can not buy a game because they disapprove of microtransactions, and all they need is one person willing to spend 5-10 people's worth of money for it all to balance out. And people will spend that much money on games, and a lot of people don't see the problem with paying $60 and then paying more. It's kind of an evolution of the MMO subscription fee, a way to keep people on the hook and keep having them put money into the system. There have been articles written about how microtransaction business models prey on people who have a) addictive personalities, b) poor impulse control, c) more money than sense, or d) any combination of the above, and that the minority funds the experience of the majority in F2P games. Does it suck? Yeah. Is it a good way for developers to extract extra value from purchasers in an ultra-competitive market at a time where sales are down and development costs are way up? Absolutely.
I don't think microtransactions are for us, the enthusiast crowd, but they work really well for the intended audience. I wouldn't count on them going away soon.