SP has its' own intrinsic value in allowing you to vote, and upranking your weight. I understand the logic of giving the option of 100% SP rewards, this is to try and get minnows to quit before they get any cents. But they need to put an FAQ up to explain it. The site is pretty opaque still. You would not have to explain much to people "Steem Power makes your votes matter more, you can't cash it out instantly, but it earns interest. Steem is liquid. Steem Dollars fill in explanation here because I'm not dumb and I don't see how it's working yet"
Seriously, I have no issue with the 100% SP idea, especially because it is probably sticky like the vote button, and you set it and only change it when you realise you want to. But I want to hold some portion that I say, of SP, versus Steem.
I think the best solution would be a slider. SP vs Steem. Until they make that peg work.
I am kind of vary when I read that something has "intrinsic value". Yes, it's "nice" to boost your posts, but you still only produce tokens and it does not answer why anyone new who might not even want to boost anything should actually buy Steem (Power) and thus create a market price for the value you might perceive. There has to be "value" in steem/steem power for investors to create a Steem/BTC price of above zero to make this whole thing work imho.