Steve, to adress your points
1) I find the idea of relating the usefulness of a project to a benefit as something that is of great importance. It is all part of the sell or justification of running said project. Why fix something that isnt costing/ or causing problems. If you have a problem with somethng at least work out how big a problem it is before trying to fix it.
At the end of the day whether you try and quantify the problem in terms of Money, or time, or some other measure, all they are is a measure of how big the problem is.
2) The belt thing is just bizarre, isnt the long story about it being a way to bring together the ideas of Eastern quality and martial arts and selling it back to the US. It doesnt really matter, and I do find it quite amusing that it started off simple Black, and Green, then of course different people get hold of it and start making there own modifications and it runs away with them and now there yellow, brown, white. Its all just labels at the end of the day and isnt necessary. These labels could be anything.
3) That 1.5 sigma shift. That 1.5 sigma shift should just be canned and thrown away. Too many times I see someone playing with it and trying to justfiy why there process is better than it actually is performing becuase of some reasoning. You saw it do that, so thats what its currently doing. Adding 1.5 sigma or removing 1.5 sigma is just confusing and I will agree gets in the way of actually understanding the true process.
4) The focus on short term gains is something that every western industry tends to do, regardless of six sigma or not. I dont think its a six sigma issue, and a properly planned project should take into account a longer term view. Of course its just human nature, or maybe Western goals that the short term is easier to get returns on.
The Sub prime loans being a fantastic example of this. Of course I'll blame it all on Six sigma if you can prove it was a black belt project behind them

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Im agreeing on points 2-4, but I dont think they are explicitly six sigma issues, nor are they the entirety of it.
Yes they repackage old tools, but maybe a better view of it is that it has evolved on the ideas that went before. There will be other quality programmes after 6S im sure, but again they will be an evolution of all the ones before it.