I recently took a trip to Canada (I'm originally from Ottawa, but live in California), and during this trip I was observing the computer systems that people used.
No one is surprised when they go to the California DMV to see employees using ASCII/ANSI/DOS/VT100 terminal screens; it's the gov't right? Those guys are old school!
But I was quite surprised to see how DOS screens are still incredibly prolific in this day and age. United Airlines, Hertz car rental, the Canadian passport office, Future Shop, etc... all using text only screens. Even back at home prior to the trip I noticed Lexus and BMW dealerships are also using text screens for their service departments.
There's a laundry list of limitations with such a UI, so their longevity is amazing. So the question is why? One reason could be if it's not broken, why fix it? Doing total s/w rewrites is enormously expensive, time consuming, and risky - which thus makes it even more difficult to actualize any ROI. There's also opportunity cost: what else could you have done with that money to improve profits?
A second reason could be that from a data entry perspective it's incredibly fast (at the cost of user friendliness). The limitations actually force the developers to streamline the process to the max. And because of that, have we traded in this speed for the sake of cool looking super advanced UIs that are supposedly more user friendly?
Although emotionally users like the coolness factor which does yield a qualitative value, it's the bottom line productivity of the user is that will benefit the business the most. So when designing a new UI it may be an interesting exercise to at least consider how it would compare against a text only screen from a raw process/efficiency perspective as you try to strike a balance (that you define) that's best for your business between friendliness and raw speed.