4) The complexity of the entire system is easily handled by tech people but the iPhone crowds can't and won't try to figure it out
https://market.android.com/details?id=de.schildbach.walletGranted, it's for Android, but "the iPhone crowds" have no problem with that UI and functionality.
5) The slowness of the transactions. Waiting ten minutes or more to be sure the payment is valid
It's as valid
instantly as anything else we consider valid in day-to-day transactions. After an hour it's more valid than a credit card transaction is for months.