That's because many of us are lazy. But I totally agree with what you mean and it's true. I prefer lots of homework over mid-term and final exam grades.
When you are stuck with 5 classes and each pile on work, it's really hard. I have four classes this semester and three of my classes are based on just midterms and finals. Personally I'd rather have just a midterm and final since all I need to do is study really hard, I think it beats a lot of work LOL plus I'm lazy.
It depends on what courses you're taking. I rather have a lot of work in a super hard class than in an easy class. Sigh, just talking about assignments in general gives me a headache.. stressful semester so far gahhh.
I took 9 classes last semester and 2 classes were midterm and finals dependent. The other 7 were lots of work, but it wasn't all that bad. I just made sure I planned all my assignments and reading. I normally do well on mid terms and finals (but I do read like alot). Although, I can see the pain for students who just don't retain information well. You can be a very good student, but do bad on mid terms and finals. Sometimes you just don't know what the professor will actually test...