Streakers (ten consecutive years or more) also must hit the standard. The only difference is the BAA is rewarding them with auto entry so they won't be shut out.
In the case of this year for example, a streaker could have only qualified by 30 seconds but still would have gotten in if applied. In most cases, streakers still meet the standard with plenty of room to spare. Since there were only 356 of these runners, I would expect that only a handful ran within 1:02 of the standard.
On a separate note, if you look at all marathons run in the US, you would find that a small percentage of men run 3:10 or faster and women run 3:35 or faster (6.7% of men ran 3:10 or faster and 5.4% of women ran 3:35 or faster in the 2013 Chicago Marathon.) So I would argue that yet, running those times is pretty difficult for most runners. Dropping the standards will surely limit the pool of potential participants, but I believe the BAA doesn't want to make it so exclusive that runners lose interest in the race.
At the end of the day, this race belongs to the BAA and the have the right to put it on the way they see fit. Logistically, they can only have so many people on the course, so they must have limits. Up until 2008, the race never filled. So now, while the standards set the bar for folks who want to run, they do not guarantee entry. I understand that folks who hit their time but don't get in are disappointed. However, the BAA does now owe anyone anything. They are incredibly transparent about the process. There is no perfect system though what's in place today is extremely fair.