Dan I agree there is place for this model especially when you want to make local decisions or produce lot of data (e.g. video). In most of the projects we handled data required central aggregation.
With my experience of working on +300 IoT projects - In majority IoT application edge computing is not required, devices generate very less data and perform simple computing or no computimg at all.In embedded usually it's better to keep things simple so that cost and bugs can be reduced. Most IoT application or solutions are usually not adopted due to hardware cost (capex) so keeping devices processing, memory and development cost low is important. Few measures can keep IoT deployment secure and you don't need a complex framework - TPM, Secure Boot, Secure Update and SSL/TLS are enough. I still see that such IoT framework will only be used in small % of IoT applications. With public networks getting more reliable and cost effective edge computing would become more of a maintenance nightmare than benefit.So keeping IoT devices thin and doing most of the processing on cloud is better. Though I do agree that in some application IoT endge analytics and computing has value. I believe we are living in a work of political and technology hype :).