a) parameterized rule class transitions are as powerful as parameterized attribute transitions: Given a transition on "deps' that reads attribute "foo" to determine what to do, you can model this with a rule class transition that reads "foo" to set some other field "bar", then apply a (non-parameterized) attribute transition on "deps" that reads "bar" to figure out what to do.
That was a lot of words. Let's try this visually:
Before:
my_rule(
    name = "myrule",
    srcs = ["myrule.in"]  # this should build without any transition     deps = [":mydep"],    # applies a split transition that sets "--define what=" to whatever attribute foo says
    foo = "dothis")       # this determines what to split to. This attribute might also have a select().
my_rule(
    name = "mydep",
    srcs = ["mydep.in"])   # should build with "--define what=dothis" 
After:
my_rule(                  # applies a rule class transition that sets "--bar=" to whatever attribute foo says
    name = "myrule",
    srcs = ["myrule.in"]  # this builds as before since "--bar" isn't used by the rule     deps = [":mydep"],    # applies a non-parameterized split transition that sets "--define what=--bar"
    foo = "dothis")
my_rule(
    name = "mydep",
    srcs = ["mydep.in"])   # should build with "--define what=dothis" b) given this equivalence plus the paucity (first time I've used that word in a while) of actual use cases for parameterized attribute transitions, the argument for supporting them is poor. Epecially since it creates all the API complexity we're witnessing in 
Parameterized Transitions API. So I see API complexity plus a lack of value for that complexity.
 
c) the big blocker to all the above is that attribute transitions work on attributes with select(), while rule class transitions don't.
d) but rule class transitions still have access to a configuration that can be used to resolve selects: the parent's configuration.
e) so long as the rule transition doesn't try to write an attribute that's also read by one of the selects, the parent's and child's configurations are interchangeable w.r.t. the transition. So it's safe to slap a ConfiguredAttributeMapper on the attribute with the parent's configuration.
f) if the transition 
does try to read a forbidden attribute, we can simply fail with an error. Since I'm not aware of a single use case that would actually trigger this error, this seems like a reasonable corner case to fail on for the benefit of all the simplicity benefits described above.
Some of us are planning to sync on Friday to move forward on this, so I wanted to get my ideas out before then. If anyone reading wants to be a part of that sync and isn't please let us know!