It's a usability problem. Firefox (at least 3.x) does a full-on freak-out if the cert is untrusted, despite the fact that the site is no more unsafe than an unencrypted website.
Your statements about what should happen are only true if you are requiring encryption for everything that you do. On the web, it's assumed (although most people don't actually know this) that your information is not secure unless you see the green bar or whatever the security visual is on your particular browser.
This brings me back to smanek's point. We have three levels of security: no SSL, untrusted cert, trusted cert. Nothing about the first level is superior to the second level, except for the possibility of a false sense of security. Therefore, a browser should not freak out more in the second situation.