4x4high, some of the reasons you mention are some of the reasons I love mine so much. If you put propane on a stock low compression motor you are correct that it is not an ideal setup. But, if you build up the motor for propane, It is a wonderful fuel. Really all you need is high compression and stellite exhaust valves and WOW.
1. High Octain - Allows you to bump up the compression to get back the lost horsepower
2. With the exception of exhaust valves (easily remedied) a propane motor will outlast a gasoline engine quite handily as they burn ridiculously clean.
3. vaporisation - No need for trying to get gasoline to vaporise for proper burning as propane is already in that state. No fuel puddling when cold.
4. off camber situations - if you could keep oil in the pump the motor will run forever on its back.
I especially loved the vaporisation in my truck. it was converted to propane in 1974 (one year after it was bought) and the carb was hell going from sea level to 7000 feet. The carb was constantly out of tune and cold starting was almost impossible. With propane the car would sit for 3 days and cold soak down to 17 degrees. You could turn the key and the truck would start like it was a 70 degree day at sea level. No choke, no fast idle, no fuss, no muss. That was worth all the downsides. All this comes from over 30 years personal experience running a 100% propane system on my jimmy. It is a daily driven truck with over 300,000 miles.
Now, after saying all that, I agree that most of these issues are resolved with FI and I am actually switching my motor to a dual fuel setup that will run both. Given the advances of FI and computer control I can now get an engine that will run efficiently on both. I love technology and building my own FI computer.

So many possibilities.
Now, for a person that just wants a super simple system that will run off camber with zero fuss I don't think propane can be beat especially for those that are intimidated by wiring. single wire hookup.