While I personally don't have any problems with the 'look all the same just colored differently' thing you describe (that's exactly how it is with all the botia-type loaches I have or will have, after all), I agree with you in that Malawis definitely aren't my favorites either (as my signature would imply, but it goes into little depth)..
You can't put anything that's not from the African Great Lakes with them, you have to deliberately overcrowd them (which is not only a pain in the neck to do maintenance on an overstocked tank, but aggression levels must be constantly monitored too since that's the very point of the overcrowding), you must take great care to ensure the carnivorous and herbivorous cichlids aren't eating each other's food so they don't bloat, you must trouble yourself with numerous trips to and from the pet store on possibly inconvenient dates in order to get more females because the male female ratio didn't work, you must constantly keep an eye on breeding cichlids to keep hybrids at bay, you can't tell whether mouthbrooding females are carrying hybrids, you sometimes can't tell hybrids from pure fish, etc, etc, etc.
For both you and Deadeye, the overall ethical/conservation issue of blood parrots still stands even if the bad quality of life doesn't for some. These should be worth a read:
www.practicalfishkeeping.co.uk
www.practicalfishkeeping.co.uk
Not bashing preferences at all, just that what is outlined in the articles is noteworthy.