I'd like to believe that even if I am not a fairly intelligent person, I can craft an e-mail beautifully to get my point across without having to use text decoration. However, in my professional experience I have found that there are often times when simple decoration is necessary.
Deadlines are often set in bold so the reader is aware when something is due. When you manage a group of people who work remotely you don't have the opportunity to communicate outside of e-mail and phone (most of the time), therefore, if you're trying to get your point across sometimes it is necessary to bullet point or bold something. Doing so doesn't make any one person more or less intelligent as far as I'm concerned.
The OP has a point, albeit angry and further fueled by others in this thread, but he has a point. I also happen to know many people, if given a decent web-based e-mail app (gmail) will stop using a desktop e-mail client. I know that for the most part I haven't launched my mail app in ages. I was hoping that in due time MobileMe would become a service I would use more, thus making my $100/year purchase worth my while, we're almost there. The exclusion of simple features however is weak, as said by someone else. And no, my troll hat isn't on.