Except for that dang supplement treadmill. The thing that really clinched that decision for me -- to run Arcana Evolved rather than 4e D&D -- was that I knew that a bunch of cool stuff had come up since the last time I ran 4e, and if I ran it again there would be a serious temptation to buy more of that cool stuff. This is true of Arcana Evolved as well, but to a lesser degree. Not as much stuff, and I've already got a ton of 3e books that I haven't gotten a chance to use yet.
And 4e D&D has the specific issue that using it rather than some other game would be largely about the cool stuff. If I wasn't going to be fiddling with weird party combinations or coming up with killer monster combos, there wouldn't be much point to playing it. I can enjoy that style of game, but it's not significantly superior to the kind of game where the focus is on something other than character tweaks (or where I can make that kind of thing up myself) and it's a lot more expensive.