Are you referring to the fact that it is at the top of the cliff? Or that it is a steel chain? Or that it is visible? Because if that is what you are referring to, your comment would apply to most climbs. Unlike you Joel, I appreciate it when someone invests their own time, money, risk, knowledge and creativity to install an anchor that enables me to get down from a climb safely. What is it about this anchor that you object to Joel?
Ah yes!!! To answer your question Joel. Speaking from the perspective of a first ascentionist, it appears to me that using a chain vs. sling for a fixed summit anchor is the way to go right from the beginning. First off, chain is way more durable then webbing. When chain is properly camouflaged, it will be far less visually intrusive than multiple wraps of colored webbing. Using a chain for a summit anchor like the one shown in your photo is way less intrusive then the use of bolts. Also the peace of mind created by knowing there is an adequate summit anchor for the duration. I hope this helps... Just some thoughts.