From the Chinese standpoint, apart from the initial application, a 10-year visa has some advantages over a U.S. Visa Waiver: no absolute need for a ticket out, no 90-day problems from short trips to Canada, and no need for biennial ETSA registration and fee payment. Further, while a visa is not a guaranty of admission to the U.S., as a practical matter a Chinese visitor will generally feel more comfortable heading to America with a visa in hand.
So I'd agree that for most Chinese and most Americans, a 10-year visa is almost equivalent to visa-free entry.