Richard,
Part of what you say is right. Just putting a large number of bulky capacitors into a flash head doesn't necessarily make it good in terms of colour and/or energy consistency and there are a small number of Companies that have managed to produce good flash heads without going down this route.
The latest Elinchrom D-Lite has excellent consistency and (although this is not a definitive statement because I haven't yet tested every single flash head of this size) it's the best I've found at its price point so far, by a small margin. They've achieved these results by using some pretty clever circuitry that takes up less space than extra capacitors so yes, it can be done.
They've also had the good sense to limit the range of power adjustment, because too much power adjustment does have a serious impact on the quality of the light. It adjusts down to 1/16th of full power (I call that 4 stops not 5) but by restricting it to 4 stops they've avoided the wild inconsistency that often accompanies that 5th or even 6th or 7th stop of power adjustment.
The problem, as I see it, is with many of the lights that are made down to a price rather than up to a quality standard and which have a far greater range of power adjustment than they can actually perform at, probably for pure marketing purposes, than they should. Having said that, the poor-performing flash head that I've mentioned is poor at all power settings, not just the lower ones.
I'm not sure that your car analogy is all that relevant because there are a lot of different types of cars, each of which has a different role to play. I have a car that's great on the road but, with rear wheel drive, fat tyres etc it's totally useless whenever it finds a bit of mud or snow, so I also have a clunky, heavyweight 4 x 4, simply because I use it off road reguarly. A friend of mine has a Chelsea Tractor, AKA a BMW X5. It handles pretty well, it's fast, comfortable and impresses the females but it doesn't have the ground clearance of a real 4 x 4 and it doesn't have real 4WD, so it's nowhere near as good as my one off road. Flash heads are different though, they all do pretty much the same job as each other and are all used for pretty much the same things. So, IMO, they should all be fit for purpose and they should all publish their true figures and their true specs so that the public can make informed buying decisions.
Whilst it's true that most people do buy their flash heads blind, you're not quite up to date as far as Lencarta is concerned. Lencarta are now selling through large trade customers as well as via the net, so there's absolutely no need for marketing smoke and mirrors - not that there ever has been, because Lencarta have published their figures, given accurate and detailed info about what's inside the flash heads etc ever since I've been involved with them.
The next big step forward in studio flash will be the use of IGBT controllers, and when the stability problems associated with IGBT control have been overcome it should be possible to have much more power adjustment with much better colour and energy consistency, in a physically small space with a lower number of capacitors. But, for now, the number and quality of the capacitors is very relevant.