Hey Iceman, I have always felt the EXACT same way!! I couldn't figure out how this form is supposed to be a 3rd Dan form. But then I saw an old video of my Grandmaster doing the form and I was completely floored!!! My own sahbomnim has excellent form, but he is built completely different than me so it is hard to watch him and then figure out how to incorporate his strengths into mine. But my Grandmaster is more my size and watching him perform the form was mind-blowing. The timing of the form was really cool, especially the way he would pause after a kick, sink into the stance and throw the double punch with awesome speed. And he performs moves 5 through 8 very taichi-ish (my own word, but I am sure you can guess the meaning). It is hard to really explain what I saw, but it really made me want to improve my own form and I saw exactly how I could do it.
Anyway, it is still not my favorite form, but watching how he transformed these fairly simple movements into something so advanced was really inspiring and I have actually still been working to improve Tae Bek instead of focusing on Pyung Won. To tell you the truth I have yet to discover the merits of Pyung Won, but I figure now it will just be a matter of time (maybe not until after I have already been promoted to 5th dan!)