According to my experience that's an understatement of the benefits of not supporting old OS versions (and the negatives of having to support them).

Interesting. I would love to hear more about your experience and that point of view. Do you have a blog?

I do but I've not blogged about iOS stuff really. You've got a couple things to consider. One of the big ones is maintainability going forward - old code & processes cost more to maintain and add to software entropy overall.