While the Studio is a very capable system it is not intended to be a replacement for the Mac Pro.
Yeah - completely agree that the Trashcan would have been better received if they'd kept the Mac Pro tower up to date & available instead of forcing the trashcan on people. The Studio's longer-term reception could depend on what happens with the Apple Silicon Mac Pro - and I'm still not sure how that's going to work since so many of the M1 series' performance advantages stem from on-chip GPUs and on-package RAM - which are hard to reconcile with the Mac Pro's extreme RAM expandability and capacity for multiple high-end PCIe GPUs. I think Apple could almost get away with, basically, a 1U rack-mount Studio Ultra with a matching Thunderbolt PCIe cage - esp. if they keep the Intel Mac Pro going for a few years.
As for the Studio....
Design-wise, yeah, it's not beautiful, but at least it is minimalist. I was surprised by how
big it seemed in real life, and I just realised why: it's a good inch larger in width and depth that my old G4 Mini - I've never had an Intel/M1 Mini and didn't realise that they made it bigger...
Main gripe is that the power button is really fiddly to find - why couldn't it have been on the front? C'mon Apple - you've mellowed enough to put USB-C and SD slots on the front... Personally I'd have had the USB-A sockets on the front but... even as a die-hard USB-C hater, I have to say that, heck, it's 2022, and I could have coped with 2 more USB-C/3.1s in place of the two USB A. Carrying dongles around with a laptop is a pain, but this is a desktop, so if I have to have USB-C-to-A adapters semi-permanently in the back (and there's room - unlike on a MacBook) it doesn't matter much. I'm going to max out the ports on this (albeit mainly with slow USB stuff) which (currently) helps keep me in a mixed USB-C/USB-A economy.
My main issue after getting the Studio is nothing to do with the Studio itself but "deferred buyer's remorse" from buying a 5k iMac in 2017. Usually, I've retained my previous computer as a fall-back, for running a few bits of legacy code or suchlike (the aforementioned G4 Mini was my home server for years after I got a new desktop), but I'm now lumbered with a redundant iMac with a (beautiful) display that can't be repurposed and a (perfectly capable) CPU/GPU that can't be used without the massive space-consuming display taking up desktop space. Otherwise, I'd be able to use the display with my new machine and fire up the old CPU when I needed to run some legacy software or use Windows. I pretty much predicted this when I bought the iMac in 2017 - but at the time it was the only credible desktop option for what I wanted (I considered the trashcan, but by then they were already 4-year-old tech).
I think people who've been "forced" into getting a Studio rather than an iMac/iMac Pro will come to be grateful a few years down the line when there's either a better computer or better display on offer.
The pity is that Apple couldn't have made the Studio Display a few hundred bucks cheaper - or at least not cheaped-out on things like the captive power cable or the $400 "extra" for a properly adjustable stand. Personally, though, I'm really happy with the Mateview I'm using - it doesn't quite have the quality of the Apple 5k panel, but the aspect ratio and resolution Work For Me (...and I'm seriously considering adding a second one) - and, of course, it saves a shedload of money.