Bob:
I also agree that more limited options by default would be (or would have been) a better choice, although it should be pointed out that at the site level one can limit the options available already. This was the response when many people complained about the added complexity in the 1.9 gradebook, although since most people don't change the defaults (and usually keep things the way they are once training has taken place) it has not completly resolved the complexity issue.
One thing to keep in mind about extra credit is that there are really two types: that which adds points to a required activity, and that of an entirely optional activity ("maximum" = 0). Both seem to have their place as ways to provide incentitives, alternative paths to success in a course, and differentiated instruction.
Finally, after struggling with myself with the gradebook to do things exactly as I wanted, I have found that keeping things just as they are and simply giving big activities (like exams or major projects) lots of points, and little ones very few points, things work OK just using the defaults. People should be reminded of this and to only start messing with the settings if they think it is worth the added complexity.
--Gary