I don't understand where the 'rest of your life' comes from? Do you fall into a special category of PR who never gets to become a citizen?
As for your hypothetical, no, I don't want to live in such a system; though a lot of people do, European countries are far more reluctant to let their guest workers become citizens. At the greater extreme, the Gulf countries never let anyone become a citizen -- their citizenship is basically based on your grandparents' affiliation, or something like that. I hate those places.
However, I don't want to live in a place, either, where citizenship entails no commitment at all. I came to Canada as a Federal Skilled Worker applicant. I landed in Canada and received my PR card. If I had received a passport instead, would I have stayed? Who knows? Probably, because I come from the States, and there is not that much difference between having an American passport and a Canadian passport. But if I was from another country where citizenship can be a real limitation, I might have left that same day to go work in the States on a TN visa, or gone back to my own country to be an immigration consultant. There is no way that I could be considered a Canadian in a meaningful sense of the word, but I would be in the legal sense.
Canada is quite generous with its citizenship grant, permitting dual citizenship and not requiring naturalized citizens to live in Canada after their naturalization. A lot of Western countries don't do this. It is particularly generous, given that rates of immigration are higher here than practically everywhere else -- Canada is like the open admissions school of countries. I don't think limiting the vote to citizens is unreasonable at all, given that the Canada is clearly willing to include people who meet its relaxed criteria in this category.
In Canada, the route to citizenship -- 3 years plus processing time of up to 4 years -- is still in the ballpark for most Western countries. The only difference is that a small subset of people get a total time of 7 years, while most people are substantially below that. I think that's stupid, and I would allocate more resources towards this issue, but it's not a fundamental inequity.