I'd heard it was a trade of for speed and maneuverability.
Engineering Disasters - The Sherman Tank of WW2
http://www.youtube.com/watch?v=gEeQPUp5VTY
That's an interesting video.
I think it's crazy talk to presume tank designers deliberately shorted the Sherman for the sake of performance. I think the design parameters were just plain mistaken.
Patton is pretty vilified in that video, but he had no choice but to use the Sherman.
Elsewhere in the war, in Asia and North Africa specifically, the Sherman dominated. It wasn't even close against Jap armor.
I totally agree on the point it was outmatched by many German tanks, but remember that we were fighting an offensive war overseas. Not only did we have to produce and ship great quantities of armor overseas, we actually did (see original post). Not sure that spectacular achievement is well considered in hindsight.