I mean, this is the free market at work, right? Nobody's forcing these people to queue for hours. Both Apple and its customers are making choices based on costs and benefits. Apple, on the one hand, apparently sees financial benefit to treating a certain segment of its customer base like crap. Those same customers have apparently decided that being treated shabbily is worth getting the new shiny a little bit sooner than their friends.
If that ain't capitalism, I don't know what is. Seems like it'd be right up The Economist's alley...