Boring, mediocre, I'm not willing to quibble over the difference (or if there is one). But I think you made my point by calling the index fund returns "boring". With so many better choices out there, index funds don't have any appeal to me. If you're going to take the risk of the market, you owe it to yourself to be in the best funds possible. I just don't agree that a person should dump money into an index fund and watch. A person should gobble up all of the education he/she can and invest wisely, with knowledge. Otherwise, it's just speculating, which is something the beginning investor has no business doing. Don't get me wrong, I'm not saying index funds are useless, just that there are better choices.
Mike