All valid points! I forgot about the extra resolution that can be gained from contigs vs. reads alone. This does raise some other thoughts.
You would generally get longer contigs from abundant species. Long contigs leads to better resolution. Thus, abundant species would be profiled better. In the case of a well characterized system such as the GI tract, these would be species in Bacteroides, Clostridium etc. Okay great, now you've got genomes of things that have already been studied in depth. But the interesting stuff may be in the rarer species. Since they're rare, you may not have enough reads to assemble a genome or even just longer contigs. Now you've wasted two days of cluster time to get genomes of things you already know about and not any closer to discovering something new about the novel species.
In the best case scenario, you've got enough reads to assemble the genome of an interesting novel species. You then do gene prediction, annotation and write a nice paper. But since the genome has not be deposited into the database, another scientist could de novo assemble, annotate and publish the same genome and neither of you may be aware you're talking about the same species. This issue is not unique to metagenomics, but is less of a problem with databases that are open and frequently updated. Granted, that in itself leads to some other problems.
I guess I'm still trying to convince myself of the value of shotgun metagenomics (over something like 16S rDNA profiling) given the time, money and computing resources required. It obviously depends on the research question but I'm sure many projects in this space are simply some PI having more funding than he or she knows what to do with.