Good synopsis. My own experience with options and warrants mirrors yours, and I agree with your conclusions.
There is one additional consideration with (in the money) warrants. After the common has been at or above the strike price for some period of time (usually 20 trading days), many warrants are "callable" by the company. This forces them to be exercised or forfeited. In this case BOTH the time value and any intrinsic value vanish immediately.
If I could afford to buy all of them, I would not need to buy any of them and I sure wouldn't be spending time on the message boards!