BDSM is an ersatz experience so yes, it is sugarcoated. Take out SSC and consent and you have the real thing but you are less likely to get the real thing in the life style than outside it. BDSMers are more cautious about sex and kink in general than people who don't see themselves as being into kink.
My first experience with BDSM was without any knowledge of BDSM or its language and conventions and it was what my partner at the time called high wire sex. I doubt I will ever experience something so intense again because now I'm too knowledgeable and aware. Though we are not partners anymore, I do revisit the scene of the crimes with this old partner and though we don't get to the dizzy heights of before, we do get a more intense experience than with other partners. I guess the sugarcoating has softened the taste.
My biggest disappointment with the BDSM life style is how tame and polite it is. I think one of the problems is the over intellectualisation of what is basically an instinctive and intuitive act.
As for D/s relationships because of the market, subs being much less numerous than Doms (Just look at Alt.com or Bondage.com), the subs are really the people who hold the power which defeats the whole idea. The Dom is really the person on the end of the leash and not the sub, in reality the Dom services the sub and as long as he performs the sub won't walk away and he'll keep his position, which really isn't a position of power at all. You can see the psychology of this in the ads written by subs, the whole diction is one of someone possessing something that is in high demand and they are asking a high price.
However, no one wants to end up in jail so sugarcoated it will remain and we will all play the game and fantasize it is the real thing or at least try to.