I agree with you but Oreck are a small company next to the likes of Miele and the rest of the Germans, even other European brands like Philips who make great vacuums (but are seldom available to buy in the UK) offer more - however everyone apart from the premium 2; Sebo and Miele are sticking to bags - Bosch produce bagless vacuums, but they're not very good IMHO.
The hardest task Oreck will face will be trying to convince their loyal fans that their bagless vacuum is better. They may try a different tactic.