I agree with this. Not only are runes expensive, but the entire rune system offers no depth, no additional gameplay, and power that is difficult to appreciate on its own. It is a massive and unnecessary barrier to entry, one that also complicates balance, all for no real apparent benefit. Perhaps it was a useful thing to have when League was just starting out and needed a feature to differentiate it from DotA, as well as pad out its playing time, but now the game is successful and completely unique without having to rely on runes, so they may well have outlived their purpose.
To those questioning their removal, ask yourself the following: if League had started out without runes, would you consider adding the rune system to the game? I would not, as it goes against a lot of the game's current design philosophy, especially its emphasis on clarity. Because of this, I think it would make sense to get rid of runes, and balance champions accordingly in compensation. Riot's been suggesting a rune overhaul at some point, but if masteries are anything to go by, adding more gameplay to an out-of-game system merely creates more balance headaches, and generates little real choice or truly interesting play of its own.