The reflector did point the other streetlight upwards - but if you look carefully, you'll see that the Lumix light is also using the reflector. Same housing. And if you consider it, a street light is supposed to disperse light anyway - so the shape of the reflector is meant to accommodate that.

You're right about the side effects, etc. We'll find out about the pricing and other details soon enough - but right now it looks very interesting. The price tag is going to be what decides its future, I think.