americans working for Japanese auto makers in the US earn good wages - but they do not earn the level of wages and most notably retirement benefits of UAW workers. and the japanese's US workforce is much younger then Ford and GMs, a big advantage in terms of wages and worker productivity.
GM is making much better cars these day - they still have some "duds" to be sure - but the new Caddys, the two new Buick sedans, the Corvette and the Solstice roadsters - are all very good.
The essence of lean production is to increase productivity per investment dollar, not profits per share. As such, it protects the bondholder more than the share holder.
I agree with your take on GM coming out with better cars but is it a case of being too late in the day?
How many people can you convince that it is better than a Camry or Accord that sell loaded for <$24k?