I think you're right about that. Which shows that the true reason for the hybrid gear is simply to give it more power.
The technology allows the use of a smaller gasoline engine and better mileage and lower emissions. When gas prices were hitting $3.00 per gallon, hybrid owners were putting money in the bank. At $2 it is probably a tossup depending on the car and circumstances. Do you expect gas prices to stay below $2 a gallon for the next eight years? Eight years is the expected lifetime of the battery. Toyota has data showing the batter good exceeding 180k miles.