<<Or am I being picky >>
you're being picky. ;-)
obviously the 1010 and the 1010LT were designed for 2 different levels of recording environments/engineers.
those who "just need 8 decent inputs for as cheap as possible" aren't likely going to care about whether the inputs are balanced or that the ADC will be inside the computer. that's the people the LT was designed for.
the full 1010 was designed for folks who do care about those things and are willing to part with a little more cash for better gear.
it's like all things in this "hobby", you get what you pay for. like christiaan said above, if you don't know the difference between +4/-10 (among other things), then chances are you won't really notice a difference between the two. if you do, then you'll go for the better one.
i think it's pretty ingenious on m-audio's part, actually.....two similar cards, each priced at a level that would be consistent with the level of the person using it. when you get experienced enough to become unsatisfied with the LT, it's easy to put it on ebay and move up.
i'd say that this is similar to those arguing that behringer gear is "just fine". it is "just fine" until you get experienced enough to know that it's really not.
wade