@extomar: Well I think Inferno could have been as hard as it was and just balanced better so everything didn't literally one shot you; that just killed the hope for most players (and made those of us that did it feel like idiots after the fact for doing so). The big problem was the Auction House and the loot systems. Also 5% is a gross overestimation at this point, it might eventually get to 5% but that will probably take a few months.
Looking back on the history of the thing, they were counting on the combination of the Real Money Auction House and stubborn elitism to push players through to the high end which a lot hated either way. Getting one shotted by AE damage and AOE Denial and AOE Gather effects from multiple champions rushing the players in an area like the Act 2 sewers was a terrible situation. Suggesting that players need to spend another 20 hours running around in Inferno Act 1 is not reasonable nor did it feel reasonable that they just needed to spend $10 in the Auction House.
The issue is that the old fashion MMO style of content was ruinous which Diablo 3 dabbled in and quickly correctly. Blizzard even recognized this was a problem much worse in WoW where you had a giant team of artists and content creators and testers working super hard on a boss fight only a few hundred out of a million would ever try see for months let alone a year later. They determined it wasn't an efficient use of their time and money build games like that and I'm happy they change their stance on both games. That doesn't mean they "cater to filthy casuals" but that everything but a few specialized situations can be seen by almost every single player.
Back to Destiny, it really boils down to whether or not there are enough things to do for most of the players. If this raid content is really what most players are supposed to do then it should be tuned so that most players can do it in a reasonable amount of time instead of months form now.