Good article that confirmed my research.
I'm actually giving the Schwab service a try with one of my IRA's (small part of my stache) to see how it works out.
After my research, I'm comfortable with the fees, and the cash allocation doesn't bother me after I researched the reasons behind it. By running a few sample portfolios with different risk tolerances, it looks like they're trying to maximize the Sharpe ratio. Essentially, by adding cash in part of the portfolio, they are adding risk in other parts. It's a little counter-intuitive, and I understand why some people don't like it. But I'm intrigued enough to give it a try.