If code is not law, how does it remove 3rd parties? Every “code contract” of any real importance is going to be “exploited” because, again, all code has bugs and unhandled cases. Meaning a contract for anything real will wind up in some kind of human-needing state.

Sorry, smart contacts are pretty worthless. The only real use ethereum has is for creating ICOs, which are all scams. You could argue that ethereum is a world class platform for running scams. How will this be anything different? If the language is bastardized so it is not Turing compete and is thus impossible to build anything complex, what point does it have?