@trekiej
IMHO it's more about individual personal opinions about the various options, than "something wrong with...".
I see it as a more modern version of the original OS, the problem is that it's being updated so slowly that it's falling further and further behind.
There are *two* "more modern versions of the original OS", well three if you include AROS, but I really don't, because that one is more of the experimental kind IMHO.
So if you are to choose one of the two new OS options, I think it would be fair to compare them in four key areas before making your choice:
1) Level of compatibility to the original OS.
2) Performance
3) Features
4) HW options, including "bang for the buck" ratio
Take this "blind test" to see which one (option 1, or option 2) you would prefer:
1) In the first OS of the two, Amiga compatibility has been a top priority since day one. In the second, it hasn't.
2) The first of the two is faster than the second one, running on exactly the same HW.
3) The first of the two has more, better and more modern features in important areas than the second one, as well as most of the Amiga "3rd party standards" (CGX, Poseidon USB, MUI4, TurboPrint, etc) *integrated* into the OS.
4) The first one runs on a much wider selection of (second hand) HW, including very cheap yet powerful Mac G4 computers, offering performance levels previously completely unseen in an Amiga context. The second one completely lacks the option of similarly affordable and powerful HW, but runs on new (with warranty), expensive, low-power HW, on which it hasn't come out of "beta state" since over a year (for unknown reasons).
OK, let's throw in a fifth "key area" as well:
5) The first one does not have a red/white checkered ball as a logotype (but a blue butterfly), while the second one does. The first one isn't called "AmigaOS4" (but MorphOS), while the second one is.
So, time to sum up your answers, and look at the result:
If you would prefer option 1 in a majority of the above statements, you would rationally go for MorphOS.
If you would prefer option 2 in a majority of the above statements, you would rationally go for OS4.
So, "Is there anything wrong with OS 4?"
Not really. It's simply one more option you could choose between, if you want a NG *miga OS environment. You *could* ask: "Is there something better than OS4 out there?", and then I would say yes, definitely.
You also asked: "Is OS4.1 worthy of the Amiga name?"
Perhaps you could determine "worthiness" based upon the above areas of comparison? I don't know, but "worthiness" is a moot point here anyway; it looks like Hyperion has been granted the right to use the Amiga name for their OS in a settlement ending the long battle they had with the Amiga IP owner. Worthy or not, they have it. But does it matter? For me, not the slightest. I mentally dropped that "fifth key area of comparison" above the minute I went for MorphOS. But for *some* people, that "fifth key area of comparison" is the *only* thing that matters when they make their choice. Funny that...
