Engineering is all about meeting requirements at minimum cost. I've no problem with belts provided they meet the specification, which Steve's didn't. It doesn't mean that all belts are bad. Within specification, belts are lighter, quieter, cheaper, and smoother than chains, plus they don't need a tensioner and are low-maintenance.
This is something of a misconception. Belts will be noisier and less smooth than a well designed chain set up. Consider this, each chain link comprises of a roller on its pin (axle) that will be lubricated with a film of oil that will cushion the "blow" on impact with the sprocket. When the rollers come into contact with the sprocket the same will happen. (Same might be said for a wet belt setup?). That is to say a chain has some resilience in tension compared to a belt that can make a smoother running setup.
As for tensioners, I've yet to see a cam drive setup without a tensioner, belt or chain. Sometimes auto, sometimes manual. I think auto best because it stops gorillas over tensioning and the overly cautious under tensioning.
Cost is, I think, the main reason for using belts in this application. A belt running dry requires a lot less engineering than a wet chain they replaced. Think of it from the production angle rather the than the maintenance angle. Cars are designed for low cost production, maintenance doesn't seem to be given much priority.