SF4 - your opinion

So SF4 has been out a while and given us long enough to scratch away the surface and see what it truly holds for all of us. I was interested to hear what people thought of it, and see how it differed from my own opinion. Basically after playing a large number of matches online, and seeing tournament videos from websites, it seems that SF4 doesn't have a great deal of depth. My main problem with the game is that you are so limited with your options that people end up fireball, fireball, fireballing their way to victory. There doesn't seem to be a lot you can do about certain cheap tactics, except resorting to cheapness yourself. Also the ultras are massively overpowered. You can tack on an ultra to something as simple as a dragon punch, and take off 60% of someone's health. All from doing very little skill. Again that will make people so fearful of jumping, or doing anything out of the ordinary, so they resort to the same cheap moves over and over. I think Capcom were absolutely right to make the game not as complex as VF, but somewhere along the line this has backfired too much. The game had the potential to be amazing, but for me at least it has turned out to be a big dissapointment. What do others think?