We have experienced that a solid set of selenium tests actually sums up what the customer expects of quality really well. So, in essence we've been having this discussion: If writing selenium tests was as easy as writing unit tests we should focus less on unit tests.
And if there is a bug somewhere that does not have any consequence in the application, who really cares? But there's always the issues surrounding real-life complexities; are you sure your functional tests are capturing the correct scenarios ? There may be underlying complexities caused by other systems that are not directly visible in the behavior of the application.
In reality, writing selenium tests (using a proper programming language, not selenese) does get really simple and fun once you drill through the initial problems. But we're not willing to give up our unit tests quite yet....