From a
_hobbyist_ perspective, I am not sure you're missing much. I've 
 designed
with FPGas as part of a job, and didn't enjoy it much. It is
 very different from designing logic cirucitry the old-fashioned way for a
 start. 
 
 Who wrote that?!? Did not enjoy it? I rarely wanted to do anything else  
 
I did.
  after having discovered FPGAs....! 
And I'll stick to what I said. I'll enjoy what I like :-).
I _much_ prefer soldering to typing (or schematic entry on a CAD system).
 For a one-off design, where size is no real issue, I much prefer to grab
 a handful of TTL pacakges and start soldering. 
 Can be fun - as long as it's just a handful of logic. With FPGAs you can
 do magic! 
 
'It is quite possible to 'do magic' with a handful of logic. In fact some
of the most interesting and elegant circuits I've ever looked at use only
a handful of parts. I don't like this idea of throwing  silicon at a
problem until it goes away :-).
-tony