Patrick, even for a curmudgeon, that was pretty harsh, IMHO. What Apple has done is to recognize that as the CPUs get more powerful when the batteries are old the CPU can actually demand more power, at a peak, than the battery can provide. So they throttle the CPU from that peak so that the phone doesn't shut down. Apple pretty much has to live with the battery limitations because of the size of the devices and the current battery technology, so they opted to have the phone work, albeit sometimes perhaps a bit more slowly, rather than just quitting altogether and rebooting. I'd say that was pretty smart of them. Which would you prefer: Your iPhone shuts down if you do something CPU-intensive, or it runs a bit more slowly but gets the task done?
As for the recent disclosures, when the benchmarks run, they deliberately put continuous high stress on the CPU as part of the test, so that stress then forced out the current limiting function and the results that they are showing. In real life use, unless you are a heavy gamer on the iPhone, the CPU is rarely stressed as much as the tests force, so most users, for most of the time and most of the life of the battery will never notice a slowdown in practice.
As for whether or not Apple should have communicated this feature, that's a business call for them. If they had advertised it, people would have complained and tried to disable it even if it has almost zero impact on day-to-day usage. Personally, I'm ok with not advertising it. No reason for me to know how the internals work at that level of detail if it doesn't impact me in my daily life and use of the device.
I'm not seeing an ethics issue here. Just a design decision that impacts probably less than 1% of the users, if that, ever in the life of the phone.