I would think of it more as an enforced, 0% interest savings scheme.
LJ, you do talk a lot of sense and it is the chafe that gets people down in the long run. But money still is (or can be) the answer.
The pay package, particularly on PAS and when you add schooling in is good. However, the lump sum to leave at around about the age 40 point is very useful. It is then very possible to continue elsewhere with a similar, or better, pay package and potentially less chafe.
If MOD want a relatively low cost option I still think that allowing people to access their EDP earlier (provided it can be given tax free) when it can be of real use could be a good solution.
I am no expert though.
BV