I feel it's not constructive to claim that solutions that provide intermediate security are useless; schemes that provide strong security (eg. ORAM based schemes) are far from practicality, and so these intermediate security solutions are the best we've got.
Respectfully, I find this "more secure stuff is slow so we have to live with what we've got" argument to be specious. There simply is no evidence that a fast encrypted database must also provide very weak confidentiality guarantees.
Either way, as I said earlier, it's a question of threat models. Most cloud users trust Google and Amazon. These companies also have strong intrusion detection capabilities, so with non-negligible probability an outside attacker would be detected within a reasonable amount of time. In such a scenario, it is better to have some protection than none at all.
I will only say that I don't think this problem (strong security + performance) has been on the minds of very many people for very long, and this work is really still in its infancy.