Most apps already have to cope with features that are missing. e.g. an app might want to read SMS or make calls, but neither facility is available on most tablets. Or they might ask for GPS coords and again they simply can't have it. If they can't cope with the variety out there already then I don't see much difference if the user has an explicit switch to disable that functionality.
That said, the current situation is completely unacceptable. The upfront permissions are getting worse and worse for some apps and often for completely esoteric reasons. Twitter recently updated their app to ask my location. Fortunately there is a switch in their app to turn this off, but really I shouldn't have to count on their charity - I should be able to turn that setting off whether they want me to or not.