Don't agree. Metrics you provided allow to compare two projects. They also allow to see progress in the project(or regression). What they don't allow though is

Don't agree. Metrics you provided allow to compare two projects. They also allow to see progress in the project(or regression). What they don't allow though is assessing code quality in terms of single project(i.e. judging if it's good or not). Since in many cases we do not have a good baseline, we are unable to consistently evaluate work. That leaves us with aforementioned problems.