The nerfing of biotics is a general symptom of ME2's problems overall. A lot of the changes they made went farther than they really needed to go. I kind of think BioWare overreacted to some of the responses they got from ME1, and instead of making everyone happy, they just ended up alienating a completely different group of people instead. Hopefully they pulled it back a bit and ME3 will be a better balance between both of its predecessors.
And yeah, it was crazy fun going through ME1 with three characters with at least some biotics.