Can't decide whether superannuation for first home buyers is a good thing, what do you guys think?

SMH link: A super (bad) idea?

CON

• More money in the market, house price will go up, for everybody :(
• Even harder for new home buyers - you'd need to have a significant amount of super.
• All your investments in one basket (house), if house price bubble collapses you lose your superannuation.

PRO

• Money in the offset is 6.5% savings in mortgage interest, superannuation never gives anybody 6.5%
• Superannuation companies have invested in overseas stocks and have wiped out a significant part of people's supposed "savings". May be if anyone that should be allowed to screw up my savings it should have been me.

What's the thinking behind super? Is it worthwhile to take over the control of your own superannuation and do something creative with it?