Re: What's the point?
Well, a few that come to mind are:
Easy transferral of student efforts from school to home using the SD card.
Cheaper cost for low income students so they can indeed have one at home.
Access to simple GPIO (yes, you do have it)
Easier maintenance, though that might be debatable.
More fun factor - It's a PCB, with wires and stuff! Some children love that sort of thing.
Big support base.
As to your comment on slow text mode stuff...it runs Scratch fairly well (will get better as optimisations are completed), which is a great intro to logical sequencing and gets children interested. Even my 7 year old finds it fun.