Sorry Uplock, I have to agree with MR8 on this, the allowance is pretty fair.
It is a personal choice to take the allowance or stay within company provided accomodation. Some people took the allowance when it was first increased in order to pocket the extra money when rents were far lower, this has now turned out to be a less than wise choice. Others who opted to buy at the early real estate prices are doing very nicely with EK effectively paying their mortgages for them.
Oh, and yes, I have been here more than 5 seconds (11 yrs) and still can't agree with your view!