I think many people got excited about Ethereum without exactly understanding what's behind it and what the effort involves. The founders behind the project are Vitalik Buterin and Charles Hoskinson.

Vitalik worked for Mastercoin initially and tried to get Mastercoin to adopt his Ethereum idea, which the other members of Mastercoin team didn't agree with: http://blog.mastercoin.org/2014/02/04/should-the-master-protocol-do-scripting/ It would basically open stuff up to big risks and many potential security holes, very similar problems to ones java is now having that could be heavily exploited.

Charles Hoskinson was fired from Protoshares due to some internal disagreements and decided to start/join Ethereum. Protoshares devs also disagreed about using turing complete based on same reasons, that it presents these security issues. Protoshares also put out a video discussing some of Ethereum's features that he sees as questionable http://www.youtube.com/watch?v=XA4O3uOxm5A