@OP, the AOSP experience is slowly catching up to the bells and whistles OEMs provide in their devices. My opinion is that the Android team is more focused on bringing the pure Android experience and working on the system OS rather than prioritizing their apps. Remember, the camera app is developed by Google, so features will need to be enabled in itself in order to get the burst photos, panoramic views, etc. There are plenty of third-party options in the Play Store no need worry about AOSP not providing it.
As already mentioned, you'll want to install a third-party launcher such as Nova Launcher or Apex Launcher -- both work great. If you want all the bells and whistles (and then some) but don't care about quick OS upgrades, then an OEM device is for you.
It's not really catching up to the OEM'd versions. It's not even close.
Updates aren't an issue if you stick to Samsung or Motorola. Avoid HTC and LG, and you should be generally fine.
They won't come overnight like the latest Nexus, but they'll eventually get there.
There is a lot of underappreciated value that the OEMs put into their software, that you don't thank them for until you use a Stock Device and realize it is borderline useless to you without 10 hours of Play Store Hunting because it has half the functionality of the OEM device.
And yes that includes things like Camera Functions, DLNA, IM Clients, in-built service Integration, utilities like Kies Air, and even Browser functions (like Save for offline, which otherwise requires a 3rd party app like Pocket).
I mean, Google still doesn't even have a decent stock Tasks or Memo/Notes app in Android. They need to at least cover the basics before they even began to think they're catching up to Samsung or HTC on the Software side. Even LG is miles ahead of them as far as that goes.
People tend to focus on the gimmicks like pop-up play, beats audio, and photo sphere, but the other stuff that many just "expect to be there" are just as important. And a lot of that stuff is simply missing in a stock android build.
That's also why I could never put a Stock ROM like CM on my OEM phone. It would render the phone almost unusable to me, even if it still turns on and functions "like a smartphone."