TL;DR: Too much change too fast.. dilution and playing with the incentives of those that have previously invested in AGS and PTS is not cool.
Changing things on the fly does not work with cryptocurrencies, as people like to know what they are investing in, the long term goals of the project, and that those goals won't constantly change on a whim. By changing so many things so drastically and quickly, I am sure we have lost some big stake holders that are now uncertain of Bitshares' future and the success of some of the recent changes. For instance, dilution is a word that carries a very negative connotation in the cryptocurrency community. Also, you guys are playing with the incentives of AGS/PTS/BTS on the fly and that is not cool.. it provides uncertainty to investors and scares people away and the market is reflecting that. I am sure there will be some big PTS holders that show up over the next few weeks that don't follow Bitshares day-to-day. They will be irate when they realize that a final snapshot was taken and that their PTS holdings are now worthless. People "in the know" will come out OK as they can still sell their PTS for Bitcoins at a reasonable exchange rate, but the people that are not will not come out as good as the others.
I think combining DACs was a good move, but when you start playing with the incentives of AGS/PTS/BTS and the incentive structure of DACs themselves (dilution) on the fly, that is not cool. So, although I agree with the main philosophy of the merger, I believe the way it has been carried out was sub optimal. I suggest the Bitshares community take a long hard look in the mirror at this point in time. Write Bitshares' goals and the vision of the project, and then etch that vision in stone. Only change economic incentives of a cryptocurrency when absolutely necessary (preferably never) to the success of the project.