Most ppl that drop the hybrid are those that get the R11's or such sets with Irons that go to 220 or 225. The max meter irons go to 215, so I would have a 25 yrd gap at the top end. So your comparison is apples and oranges. It is much harder to take distance off a wood than it is a wedge.
Furthermore, I have been playing 90 and 60 wedges for a long time, and I like that setup. But every 90 and 60 has a meter of 3.0. That's a big change from 4.5.
One of the benefits of playing 4.5 meter in a club is you can control a cheaper ball better. The way WGT is going with more expensive balls (RZN 700 credits!), I m more motivated than ever to continue with that approach.