You forgot to mention the excerpts that describe how the previous employer doesn't have to intervene in any way and that the employee may start working for the new employer as soon as they get the receipt notice.
Granted there is some bureaucracy (which is largely handled by lawyers hired by the new employer, as it should be), and as with any bureaucratic system there is always a (low) probability of (unwarranted) rejection.
The H-1B is a far cry from "the modern equivalent of indentured servitude". I wonder how many "free men" wouldn't love to be "modern indentured servants" while getting paid 6 figures (and unlike the 18th century version, without being subject to physical punishment and having the opportunity to leave whenever they desire).
I agree wholeheartedly with your statement about the H-4, that's just sad.
