As stated before, the Boxster was a big turnaround product for Porsche (that and the '93 993 911). In fact, the 996 911 that you people praise so much owes A LOT to the Boxster. The original '99 996 911 Carrera (ain't that a mouthful

) owes MUCH to the Boxster. From the dashboard forward, they were practically identical (mechanically and stylistically). They share dashboards, doors, basic structure, and the original 3.4 liter flat 6 was an outgrowth of the then 2.5 liter unit in the Boxster.
The Boxster was NEVER meant to be a speed demon. I don't know where you guys get that from. The current Porsche 911 with 320HP 3.6 liter flat-6 rips 0-60 times of 4.8 seconds. The Boxster S does the deed in 5.2 seconds with its 258HP 3.2 liter flat-6. Any more horsepower, and you'd have a Boxster S slaying a 911 for $30,000 less.
Most high-end makers who make sports cars have low-end models to complement their top-end offerings (low / high). Ferrari has the 360 Modena / Enzo, Honda/Acura has the S2000 / NSX, BMW has the Z4 / Z8, Mercedes has the SLK / SL, and Porsche has the Boxster / 911. But I wouldn't go as far as to say that EITHER of these cars suck, they just have different segments that they go after
With low-end models, there is always compromise. That being said, I don't know many people that would turn down a Boxster/Boxster S if it was given to them.