The lack of built-in flash kills it for me. STM32 M3s with comparable throughput are cheaper and don't require an external flash chip (example: STM32F103C8T6 for $1.20 from jlc). I love the generic PIO though, I really hope other manufacturers pick up on that.
Once I decided to start using the RP2040 I realized the "strange" flash situation turned into a feature, not a drawback! With STM32 you pick your part and then you can order an expensive version (if it's available!) with the max RAM of say, 512Kb or you can save a few bucks and go with say, 64Kb. Either way you're paying like $2.50-4 for a single chip.
Now compare that with the super fast, dual-core RP2040 which costs $1 (yeah it's technically $0.70 in bulk) paired with a 16 FUCKING MEGABYTE SPI flash chip (W25Q128JVSIQ, basic part at JLCPCB :thumbsup:) that costs $0.60. You get a vastly more capable MCU with so much goddamned flash space you could fit a truck in there!
You can even partition that flash chip's space so that your RP2040 firmware is reserved to the say, the first 2MB (or wherever you wish!) and the rest can be used for storing stuff like settings. It eliminates the need for an EEPROM! Not to mention there's enough storage space in there to store all your settings in something absurdly inefficient like JSON and the chip is fast enough to parse it too!
Working with the RP2040 in reality is just SO NICE. Seriously, try it! You won't be disappointed.