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An iPhone/iPod Touch/iPad user does not benefit from having the paper subscription because the iPhone OS SDK developer agreement says that an application may not add features through a method other than the approved Apple App Store. By having a free application that you log into to gain more functionality, you violate that agreement.
Besides, as far as the accounting goes within the WSJ, I'm sure that Video and Multimedia content producers and editors will be paid and hired based on the App sales. While print editors and content producers will benefit from the print version. I would guess that any ad revenue from the website goes to benefit the production and maintenance of the web development team as well. Sure, it's a good idea to cross promote, but you want your employees to have a little competitive drive to make the product the best they can.
Plus, I don't see how the prices and products you've described are anything to be upset about. If you have an iPad or plan to get one, then try the iPad's WSJ subscription out for a month in addition to your paper delivery, then cancel whichever one doesn't mesh with you.
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