This is what developers like us tend to think. But consider this: the development cost of the sodtware does not change much in order to create feature reduced versions of most products. But if you are in a small market where the volume of expected sales for the full version of the product can barely lead to proftability, creating a cheaper version for a higher volume market is a sound business strategy. This would not work with a single undifferentiated product.
I'm not saying that it is not a viable strategy. But it needs to be taken into account that tech-savvy users will not see it as a fair play, and probably will not think twice before making the most of a cheaper version.