Depends on how you measure it. You're right, it's only 2x the vertical and horizontal resolution of a standard HD picture, but it is 4x the overall resolution as you could fit 4x 2K images into a 4K screen space.
I think the arguments in higher resolution for video are much the same as they are for audio, i.e. it's all in the mastering and the original source material. Since the BBC started shooting so much in HD and doing simultaneous broadcasts in HD and SD, SD picture quality skyrocketed because the source material was just so much better. Conversely, the only 4K cinema I have seen so far that *REALLY* impressed me was a 4K transfer of The Sound of Music, which of course was originally shot onto 70mm film. All of the stuff I've seen that has been shot in 4K/8K digial so far to my eyes is not really worth worrying about. It certainly hasn't improved my enjoyment of any movies over the 2K digital versions.