The way I see it, there is no problem with the weapon swap system, only the way it's utilized. The weapon wheel can be just as flawed as the 2 swap if the game makes it easy to horde ammo for these weapons. too many games that have used weapon wheels, even on harder difficulties, I've found myself capable of stocking up on ammo making parts of games that I personally feel could have been a challenging experience lot easier and ultimately ruining the experience. (first Red Faction being a nice example. Also the old Medal of Honor's. At least the first for sure.)
And as much as I like the weapon wheel, I do have to view it as a bit of a crutch. It prevents the need of worrying which weapon would be best keeping for future parts of the game. I also personally see "dev's forcing you to play to their style" a rather weak argument. I see it more as a method of requiring the player to diversify his play style and adapt to a situation. Aka, countering the faceroll. If you want to look at that as being forced, then go ahead. I prefer that method to "Here's an array of guns you can use any time without ever having to worry about starting a fight with the wrong weapons. Have fun."
Positive examples of weapon swap:
Gears of War: I've tried to see this game were I to carry any weapon I find. Didn't like what came to mind. It's far too built around your 2 weapons to be any good any other way
F.E.A.R.(first one): There is some OP shit in this game. if you were allowed to carry around everything, the game wouldn't even really be a game. just a man rolling his head on the keyboard until the credits roll.
Positive Examples of weapon wheel:
Half Life: Yeah, of course I'm gonna choose that here. totally not fanboyed. Nah but seriously. You pick up a weapon, you have it for good. What makes it better is that eventually certain weapons become obsolete and non ideal to use. take HL2: by late game, if you're still using the pistol and reg smg as your primaries, then you're gonna have one hell of a time. the weapons get stronger while the enemies get tougher to maintain a balanced playing field. And should you WANT the challenge yourself, by all means, pull out that pistol!
Sorry, just felt this needed a strong counter argument.
TL:DR:
In the end it's really how it's utilized. You cannot bash the system as a whole, as there's always a way to make something work. The way I see it, if the gameplay wasn't built to accommodate the weapon system, you've got yourself a problem.