Absolutely there is a baseline, nobody would accept those faults that you list -- I think this is a strawman argument, and moreover that a lot of the concerns about "China bins" are greatly exaggerated (not that Dennis exaggerating is a big shock to anyone). The vast majority of these bins "work effectively" in the sense that they have excellent optics, reasonable build quality, and don't fall apart in your hands. I have experimented with many "value bins" and NONE of them have had collimation issues or any major flaw that prevented them from being usable in the field.
There is a difference between saying, "one should not expect a $200 bin to work effectively" and accepting some minor faults given the price point, recognizing that you are getting "value" in the sense of terrific optics despite occasional QC issues. Nobody would forgive a basic lack of function in the optical train (e.g. poor collimation causing a double image). Now what is minor to some is major to others of course, but the "fundamentals" of properly functioning optics is clearly the baseline.
Go onto any site with reviews -- Eagle Optics, Amazon, OpticsPlanet, Zen-Ray.com, etc. You will scores of 5-star reviews with people thrilled at the quality they were able to get at a fraction of the price of the "alphas". You can't hand-wave it all away like Dennis does by claiming that none of these people "no" (sic) anything about binoculars. The internet universe is a harsh place for product reviews, and if these things were falling apart left and right you would hear about it.
Sure you get some funny stuff due to lesser QC... Zen-Ray seems to have an issue making a focus knob without some slack / play. Sometimes the eyecup rotation mechanism won't be as robust as on a more expensive bin. Maybe the glue comes unstuck on the rubber eyecup and it separates from the metal. Maybe there's a malfunctioning diopter. All of these things I would consider "minor" considering the price point and that they either don't impact basic function, or if they do (like a diopter mechanism flaw), the majority of these manufacturers will happily fix the issues under warranty.
And let's not pretend that alphas are immune to QC issues that will raise the hackles of the obsessives on this site. What about diopter issues on the Nikon EDG? Or rough focusing on Swaro EL's?