Looking quickly at the code before, it looked like it did process serially - unless I was looking at the wrong thing. It does make sense that serially processing would be faster on many servers, and certainly not kill the memory. I'd think it would have been more work to code it to process them in parallel, and for no particularly compelling reason. Are you sure they're all done at once? I know I had to increase my PHP memory limit to do process many of my images (4k x 3k pixels), maybe the memory limit you had was from the apparent inefficiency of DGLib versus something like ImageMagick (which doesn't seem to work for me, but is likely a server config issue on my end).
I agree with sbillard that the feature is useful for some and should remain, and I also agree with you that processing serially makes more sense - but as I said, it seemed to me that it already did that.
I guess I can play around with that while trying to figure out why IMagick doesn't work for me, so maybe I can kill two birds with one stone.