smahn, sharpening is not getting shortchanged. You do get to vary the sharpening on a local basis: specifically, you get to change the amount. This is exactly the same as the exposure, contrast, saturation, etc. With all of those controls, global and local, you get to change the amount: more exposure, less exposure, more contrast, less contrast, etc. With local sharpening, you get to do the same: more sharpening here, less sharpening there.
Perhaps what you are referring to is the fact that sharpening has 3 extra sliders (Radius, Detail, Masking), which the other controls you mentioned do not have. It is true that capture sharpening and local sharpening are now sharing the parameters for those 3, instead of being able to set them separately. This is by design. It sounds limiting on paper, but have you actually tried it? If not, I encourage you to do so. There's no other way you'll be able to tell whether or not it works.