Agreed, but we are talking about content, not apps. Ram is dirt cheap these days -- the cost of ram in portable devices is largely artificial. There's no reason why a large amount of ram couldn't be provided at a reasonable price for apps, and still have a slot for content.
The reasons you want a slot for content are (a) the amount of storage needed for content tends to vary by individual (some of us only put a few songs on there, some don't use it at all, and some think they should carry around the library of congress) (b) the amount of storage needed for content tends to vary with time. (IE, when I realized how much more convenient my Bionic (for instance) was than my ipod touch, I just got a larger chip, transferred the music to the Bionic and retired the Touch.)
...and (c) most importantly, recent versions of Android have for inexplicable reasons disabled the "mass storage" option when connected to a computer via USB, and the only ways to get music on them now are buy it in the store, use some stupid-ass dedicated app to manage the music on the device, or yank the chip and put your content on the chip directly. Re-buying music you already own on CD is unacceptable, content management apps are a HUGE fail, and that leaves you with removable storage. Ergo, a phone without removable storage is not a valid choice, despite guaranteed OS updates. (Besides, I wasn't very happy at all with that "os update" that disabled USB mass storage. Jerks.)