I agree with you Benn. This is not a huge problem. Only for those that will probably not buy it anyway.
A few things could be done to attract the normal small media users though.
Upgrade the stripped down version 12 to 14. Even though there are not extremely much enhancements and new features on the plain music sides of version 12 to 14, it suffers a bit from having a lower version number. A free music product might help many users see the great things about MC's music sides, and it can easily replace iTunes for much of this people. Perhaps they also get curious what the 49$ version provides, and ends up like MC freaks like the rest of us
Another approach to this is to provide different versions. A basic MC package for Music, and downloadable packages for Video, Images and Theater View, Server part etc. Or simply have it all in one package and let different keys (depending on cost) unlock different uses of MC. Just as Johnnyboy suggested.
How hard it would be to do one or another I have no idea of though.