Is it okay to sell 2.2? Sure, they patched the big security bug.
A large portion of Android users are still on 2.2. and at least one company has said, it's easier make a new phone that update one (I somewhat call B.S. on that).
Part of why we don't get updates is because they want to sell you a new phone, plain and simple. That applies to VM and manufacturers as well. Why give you an update, when they can lure you into buying a new phone, you want it anyway. Unfortunately VM has been stubborn with new phones.
As for hating the OV...
You are comparing how you feel about stock NOW, as opposed to how you felt when you bought it. You only really hated it in stock form AFTER you rooted it. Before that, you probably thought it was pretty nice for the money. If you couldn't upgrade it, you would simply have lived with it.
Most people really don't care what their phone runs or what version it has. Look how many people are still running XP, 2000, and 98 (shudder). The new Honda Civic must be better than the old one right? Vista must be better than XP... Wait...
See, it's not what it is, it's what it represents.
Iphone users don't care if they have IOS 3, 4 or 5, they only want the latest Iphone because it's shiny. If Apple took an Iphone 3, added more memory, renamed it Iphone 5, and put it up for sale I GUARANTEEE you people would buy it. Those that didn't would still want it. Why? because 5 is better than 4. Doesn't matter what it is, it's new so it must be better.
SHINY! SHINY! SHINY!
Don't think I'm going to just trash Iphone users, you guys are every bit as guilty. How many here wanted GB as opposed to Froyo? Answer this... Why do/did you want it, can you honestly tell me the differences? Bear in mind, we still use a Froyo kernel and the drop down menu is CM, not GB. Now, other than the launcher, can you honestly tell me a difference? Guess what... Our ICS, is still using a Froyo kernel. How many grabbed the ICS themed GB thinking it was really ICS?
How many are running ICS, even though it's not working fully or even truly a full ICS rom? You guys are willing to put up with broken stuff, just to have the latest. Why? Because it's shiny. Doesn't matter what it is, if it's new it must be better, so while you complain about it, you don't really even know what you are complaining about.
Ask yourself this, beyond the theme, and a different launcher, what did you gain using ICS besides instability and less app storage? No new apps work on it that didn't work before, in fact LESS apps work with it. So why the rush?
Sorry, I know that is harsh, and I'm not trying to bash anyone (this comes up quit often, so it's not just those in this thread), but let's be a bit honest about it. It really has nothing to do with anything except shiny. Your phone worked fine when you bought it, and it would still work fine had you not messed with it, you just want something shiny and new to play with.