I don't tow, so I could care less about maintaining the stock tow rating. So adding a good rear bumper with an integrated skid & recovery point (or a hitch, albeit much higher) and a better departure angle seems like the best solution.
For those that tow, though, I can see keeping the stock hitch.
David, your second round of shots does look alot better. I kinda like it now. Maybe the focal length on the first shot exxagerated the profile of the rear bumper... Or maybe I didn't clean my glasses yesterday. Because it looks good in that side view.