Photo stream can share videos now and its not "lower functionality", its built into the photo app so its simply more convenient. I don't use it because Apple restricts other options. If I wanted to share to someone not using an iPhone I'd share through my dropbox (which has every photo I've taken on my iPhone on it) or through any number of social networking sites.
Perhaps I don't feel this sting like others because I don't use some of the lesser known, more obscure apps for sharing. Truth is, photo stream works for people who have iOS devices, dropbox works for everyone else.
Best thing about photo stream is I can share instantly with anyone I want and add photos on the go like its just another album in my phone. I'm sorry you don't like Apple - but to say that we're somehow "limited" is pretty hilarious given I've been able to share with anyone I've needed to - though now the last two members of my family who had Androids have gone iPhone now, I don't have to worry about utilizing multiple services.
Much easier across one platform and one service - everything is right in front of you in the same app (when it comes to pics and vids).