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Although the itnerest rates and other services provided by NetBank look impressive, it is my understanding that NetBank doesn't reimburse ATM fees charged for use of other financial institutions' ATM machines. Accordingly, the money saved by a higher interest rate would be lost in ATM fees. Am I missing something here? Why doesn't NetBank reimburse these fees like most other internet-only bank?

It all depends on the individual customer. A consumer who uses a lot of ATMs would be better off with a bank that had ATM reimbursements, and probably a lower interest rate (unless it's PCBanker.com). A consumer who doesn't use a lot of ATMs is better off with NetBank because of its higher interest than some other banks.
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