Lister
You're absolutely right. I first did my PPL in the eighties, then had a long lay off and came back to private flying in 2004 when I decided to get an NPPL just because it allowed me to do everything I wanted to do and was easier and cheaper.
I don't have to pay for a licence every five years and the money that I would have spent on a medical pays for my biannual instructor trip (probably a few times over, actually). I could pay for a Class 2 and it wouldn't be a problem but I don't know if I would; as you say, there are other things equally worthy of our money.
I always think that it's a terrible shame that over here in Europe our air is different and the laws of physics are more rigidly observed than in the USA.