There's an Anki Deck on "The 20 rules of formulating knowledge [in SRS]". It's highly recommended for frequent Anki users. Here's some examples:
So it seems that many of the points you mention are addressed if you use Anki effectively. Your post makes sense though: In my impression 1) most people are not using it as effectively as they could 2) it's not obvious how to use it effectively 3) effective use of SRS takes time and practice. There's certainly also cases where it's just not always the best technique.
Article: http://www.supermemo.com/articles/20rules.htm Deck: http://alexvermeer.com/download/How-to-Formulate-Knowledge.anki
PS: I second the post on memory palaces, sounds really interesting!
For what it's worth: Though I do not claim to be a perfect user of SRS flashcards, I used them intensively for 3 years of medical school, constantly refining my technique. Many people here have suggested ways to improve my strategies. I have not yet seen an idea that I have not already tried extensively. Though I'm far from perfect, I think it's safe to say I have a better understanding than most beginners. There certainly is room for me to improve, but not much. If someone is considering using SRS long term for high volumes in medical school, here is my a...
LessWrong seems to be a big fan of spaced-repetition flashcard programs like Anki, Supermemo, or Mnemosyne. I used to be. After using them religiously for 3 years in medical school, I now categorically advise against using them for large volumes of memorization.
[A caveat before people get upset: I think they appropriate in certain situations, and I have not tried to use them to learn a language, which seems its most popular use. More at the bottom.]
A bit more history: I and 30 other students tried using Mnemosyne (and some used Anki) for multiple tests. At my school, we have a test approximately every 3 weeks, and each test covers about 75 pages of high-density outline-format notes. Many stopped after 5 or so such tests, citing that they simply did not get enough returns from their time. I stuck with it longer and used them more than anyone else, using them for 3 years.
Incidentally, I failed my first year and had to repeat.
By the end of that third year (and studying for my Step 1 boards, a several-month process), I lost faith in spaced-repetition cards as an effective tool for my memorization demands. I later met with a learning-skills specialist, who felt the same way, and had better reasons than my intuition/trial-and-error:
Here are examples of the typical kind of things I memorize every day and have found flashcards to be surprisingly worthless for:
Here is what I now use in place of flashcards:
Spaced repetition is still good for knowledge you need to retrieve immediately, when a 2-second delay would make it useless. I would still consider spaced-repetition to memorize some of the more rarely-used notes on the treble and bass clef, if I ever decide to learn to sight-read music properly. I make no comment on it's usefulness to learn a foreign language, as I haven't tried it, but if I were to pick one up I personally would start with a rosetta-stone-esque program.
Your mileage may vary, but after seeing so many people try and reject them, I figured it was enough data to share. Mnemonic pictures and memory palaces are slightly time consuming when you're learning them. However, if someone has the motivation and discipline to make a stack of flashcards and study them every day indefinitely, then I believe learning and using those skills is a far better use of time.