Thanks for all the input guys. After doing some extensive research, it seems to boil down to this...
1) A track saw by itself is not going to replace a table saw, for pretty much all of the reasons you guys listed above... much much easier to do repeated cuts and parallel cuts on a table saw mostly. Mitre cuts are a lot more difficult on the track saw.
2) When used with a MFT (multi-function table) system they really start to shine. Now repeated and highly accurate parallel cuts, rips, crosscuts, mitres, etc are all EASILY done on such a setup and setup is quick. Your typical MFT setup does not save any space over a table saw. But, this is where Kreg did their homework on their new system... The table system folds up and wheels up against the wall and it is easily and quickly expandable to cut full sheets down. They really studied the Festool stuff and addressed pretty much all the issues people had with the Festool MFT system and its shortcomings... especially its outrageous price.
The only thing it really doesn't do well is dados and things like mortise and tenon or spline joints or finger joints. It would not surprise me if they are already working on a baseplate for a router to go along with this system to take care of dados. The other stuff, I already have nice router jigs for dovetails and finger joints and I could probably easily use the Kreg table to act as a router fence for dados.
I think I am sold on it and will likely purchase tomorrow or next weekend.