Dave,
Your thoughts are not far off from many others....to summarize, Dubai is just a hype and simply put, it's just a huge shopping place.
I looked for a job in Dubai for a long time...I have the credentials and experience as director of engineering/Telecom.....I did get few insulting offers here and there and I was going to keep looking until I talked to a friend of mine he's a university professor here in Canada....he went on a business trip to Syria and he absolutely loved it due to the amazing culture and people...he then went to Dubai for a while and was very disappointed...he was the one who said it's just a huge shopping place nothing more....
So I decided to visit, I was disappointed as well, and yes I stayed in Bur Dubai lol but I went everywhere else, I visited Abu Dhabi, Sharjah and Al Ain...these were better than Dubai anyway. You hardly see locals...there's no culture...just many expats and shopping malls...too expensive and found it to be fake as well.....lack of proper planning the place is bound to collpase it won't be able to sustain all that extravagant stuff being added to it on a daily basis be it visitors, projects etc..
The only locals I was able to see and talk to were couple of govt. officials who fully understand why most expats are there in Dubai...they surely do not like the fact that most expats do not care about Dubai and are there on a temp. basis only....they gave me the example of water consumption...I was surprise to learn that Dubai is on top of the list of countries for water consumption....expats have no loyalty they consume water like crazy they know they are leaving anyway...that was just one example. I gather there will be new laws/taxes introduced as a measure to protect Dubai and its resources.
The place is also kind of saturated.....companies now do not offer good packages it would be too expensive for them anyway. I don't think there any employer in Dubai that will offer you a paid nice villa as part of your package...the good ones only give a percentage like 60-70%...with the sky rocketing rent in Dubai that's nothing.
So I decided to look somewhere else in the region.....within couple of months of looking and applying, I got what I wanted and more in a nearby country.....much much better than Dubai in terms of culture, people, climate, nature and living expenses....let's just say I got a 6 figure USD offer plus many benefits including a very nice villa on the beach...AND, there are many expats as well, from the UK, the US, Canada etc..you get to actually see the locals who are the nicest in the whole region believe it or not
If I must see/visit Dubai then it's just a driving distance away...maybe a nice short vacation with all the shopping that comes with it, but where I will be very soon is a much better place for family and kids.
It really depends on what you want and what's your life style...maybe if you went to other places in Dubai and found others from the UK mix and mingle, maybe things will be better for you....for me, Dubai is not good at all..maybe short visits but definitely not to live there.