940M uses slow DDR3, this one uses GDDR5. So no, you cannot call it an 835. You can drive dual 4K displays with intel HD graphics plus the internal panel, so clearly the resolution is not an issue here, contrary to your assertion. Quite simply the windows UI isn't GPU intensive, and since this isn't a gaming laptop, you're not going to game on it at this resolution. Which leaves applications like adobe and premiere, where resolution of the UI is not relevant as the graphics performance is used for the encoding, not the UI. So you're off the mark here yet again.
Lastly as far as iris, it has to rely on system RAM if you use that, which is even worse on portables because it is the crappy low power LPDDR3, so your claims that it isn't "far off" performance wise compared to iris, do not really hold here. Did I leave something out? I guess what you're saying is: it is not as good as you hoped, but I fail to see a product in this class that tops it? I mean by all means point it out because the closest you can come up to get a discrete GPU is a 15inch ultrabook workstation, but then you're gaining a LOT of weight, as much as 1/3rd more.
From the looks of it, it blows integrated graphics out of the water, and it is a decent GPU for the ultra light class. I agree that it would have been nicer if it had 2GB of GDDR5, but I would not say it is pointless as the competition in its class gets by with far, far less.