Actually, due to a class-action lawsuit[1], Apple has to replace frayed MagSafe power adapters with the newer L-shape ones for free. I just got mine replaced a few weeks ago. I agree that Apple should have done a recall, or even notified users.
That's a step in the right direction, but the cord still frays at the brick end unless you leave a big loop before wrapping the cord around it. And the USB iPhone connector still frays. It would be nice if they'd adopt the standard flexible nubs designed specifically to avoid this fraying problem, but when aesthetics and practicality come into conflict at Apple, aesthetics usually wins.
1. http://techcrunch.com/2011/11/10/class-action-lawsuit-forces...