Well said.
In no means is an I/O a piece of crap. It will essentially do everything that an Comp boat will do, it just won't do it quite as well. It will easily pull a skier or wakeboarder, it just won't pull them up quite as quick or give them as good of a wake to ride. On the otherside of the equation though, the I/O will give you some creature-comforts that you wouldn't get from a Comp boat, due to the increase in size and room.
As I mentioned in a previous post, I am a very avid Wakeboarder/Wakeskater, so for me, it's all about the rider. I look for a boat that will give me the optimal ride while I'm on the water, and I've found that Comp boats offer this. If you are looking for a good all-round boat that you can use for skiing/boarding, cruising with the family, going camping on the lake, etc., then by all means look into getting an I/O. (although I do all of the above with a Comp boat as well, and it does the trick).
Vader1 nailed this one on the head... an I/O will do everything you want a boat to do, for a lower price than a Comp boat. Just make sure you get a big enough boat. I had a 16' years ago (too small), and I now have a 20' (great size IMO). I would not go smaller than an 18' though.
Hope this long rambling post helps