I think the right decision was made... wouldn't the alternate mean the majority having to update to the 0.8 client before being able to use Bitcoin again? I think this would have caused even more panic. I live in the UK, I woke up and the situation had been resolved. It would have looked much more serious if 50% (or whatever) of users couldn't use Bitcoin. For many upgrading is simple... but for my Linux install, the repository wasn't even ready for a at least a week after 0.8 was released!
The devs need to sort out a 0.81 release and test it hard, then test it again. When the concerns about transaction limits are removed confidence in the protocol will be solid.
OP referring to the white paper does sound a bit religious!