They represent what the the Republican Party has become, and not what it used to be.
That being the case, I would suggest that being a "Republican In Name Only" has become a good thing, and something to be proud of. A "New RINO" would be a Tea Party person who only keeps his or her registration with the GOP to maintain voting rights in primary elections. I can't see any other reason any more to call one's self a Republican.
In this sense, Romney isn't a RINO, he's a true Republican, just like Rove, Priebus, and Coulter.
Fresh wind I have to agree with you about RINOs and I actually would fit into the RINO category. It’s similar to how the UKIP is the Conservative Party in the UK the Tory Party are the Rockyfellar Repubs.