Simple version like I said names don't matter. FinCEN is saying virtual currencies, or virtual commodities, or virtual holy carrots are "other value that substitutes for currency". If you disagree well FinCEN is laying out their legal case here so you can expect to eventually see them in court.
Personally I believe their analysis is a little weak but I am not going to risk my livelihood and freedom on their ability to convince a judge they are right. The point is no matter what you call it FinCEN believes Bitcoin is a "substitute for currency". Unless you convince a judge they are incorrect it meets they have the ability to regulate Bitcoin exchangers.
I completely agree. I just don't think it makes much sense to provoke 'em or give them ammo. If you force a confrontation it won't be long before bitcoin is branded a tool only criminals use and they'll be out to make examples of a few randomly selected public bitcoin users.