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.
I used to have the same beliefs but the flexibility of being able to use just about any pin for any purpose really sold me on the RP2040. When I decide to add a new feature to my boards I don't have to spend an hour examining the minutiae of the data sheet to see if I can use a given pin for SPI (oops: no, I can't because I enabled alternate function 3...). It saves a TON of track routing time and simplifies boards c…
Not a problem for most hobbyist projects, but when you start to push the limits the ESP32 feels like a chipboard apartment building compared to STM32's concrete and rebar. Hopefully the RP2040 doesn't suffer the same problems.