That is absolutely true, of course.
The thing is that I very rarely actually want to scroll right along a street, I usually only want to get a visual of the place that I am going.
Now, there have been times where I was interested in going exploring, but not as a matter of utility - just because the street view ui begged me to and I was interested in how it worked.
Having said that, I believe that there is a definite place for something that lets me zoom along in 3d land to explore the entire street - because I would love to be able to explore Paris for example - but that really requires a free form of movement that this solution still doesn't speak to.