No, it's not grossly inaccurate. One of the first things you should do when cloning is to avoid clashing with existing features; for example, you mention "multiple undo history." Which is exactly the point. vi's undo works a specific way, which is that "u" undoes the last change to a file - which implies that it acts as a toggle, because if you do an "undo", you have just made a change to the file, so another "undo" is essentially "redo". So it is safe to hit "u" multiple times, and some of us regularly use that. While vim does have an "compatibility" option to make it work more-or-less correctly, it isn't set by default, and that's going to cause administrators pain in shared administrative environments. It's an epic fail to collide with the real vi's functionality in such a manner. Syntax coloring? Please. This isn't kindergarten, vim. Put away the crayons and use a pen. I do not need an idiotic editor trying to guess at what colors are going to provide good readability - if it has no idea what color the background and foreground are being drawn in (and it doesn't) then it has no business trying to colorize text. And don't get me started on vim's file locking fails.
To be clear here, I have no problem with those features *existing*: a great editor should have lots of good features and should be customizable. But the out-of-the-box feature set should behave like the thing it is cloning. You know how bash is the default /bin/sh on Linux and as a result we have an entire generation of people who now use bash-isms in their .sh shell scripts without knowing they're doing so, and other related problems? In many ways, vim is the editor equivalent of that.
vim's a big (at about 6x the image size of vi) ugly (default colorization) poor clone (defaults for undo) of vi.